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What Are the Risks of Not Having a Power of Attorney?

One of the most important parts of the estate planning process is deciding who should get your power of attorney. Never assigning someone this responsibility can cause problems later on, like when you are incapacitated and cannot make big decisions on your own. A Des Moines estate planning attorney from our firm can help you learn more about why this should be a priority for you.

What Does Power of Attorney Do?

Power of attorney allows someone to make decisions on your behalf. Much of the time, these powers are meant to kick in when someone becomes incapacitated, but this authority can be given to someone before that point if you agree to that.

The two common types are healthcare power of attorney and financial power of attorney. As the names imply, one gives someone the right to make healthcare decisions for you and the other handles financial decisions, like how your bank account is handled and what happens to your business.

What Are the Risks of Not Giving Someone Power of Attorney?

The main problem is that you can become incapacitated and unable to make your own decisions. Whether you develop an illness or get hurt in an accident, you may need someone else to make important choices for you. When you don’t give anyone your power of attorney, this can lead to conflicts.

If no one has been given the authority to make your decisions for you, then your loved ones might have different ideas about what should be done. This can lead to court battles, and that can lead to a delay in you getting the medical care that you need. You are far better off giving someone power of attorney and leaving them instructions about your wishes. Then, when you are incapacitated, someone can step in and make the important decisions.

Do I Have to Choose a Family Member?

You do not necessarily need to choose a family member here. You can give this authority to a close friend if you want to. It’s also possible to choose a professional, someone who might be seen as a neutral party. A lawyer or accountant is often picked for this kind of role.

If you want to, you can also choose multiple people for the role. It’s not uncommon for healthcare power of attorney and financial power of attorney to be split up among two different people. It’s also possible to give multiple people this authority, but we would recommend leaving behind comprehensive instructions and taking other steps that would reduce the chances of conflict breaking out.

Contact an Estate Planning Lawyer

If you want to learn more about how power of attorney works and how our estate planning lawyers can be of assistance, contact Herting Law, PLLC. We can schedule a consultation and tell you all about how our team can help you with your priorities.

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