If you’re meeting with a South Carolina estate planning attorney, power of attorney will be at the forefront of the conversation. Though power of attorney is sometimes referenced in legal dramas on TV, it is rarely explained. This is your in-depth guide to the importance of power of attorney in estate planning.
The Purpose and Benefits of Power of Attorney
Consider a scenario in which your mother or father becomes incapacitated. Your parent is incapable of speaking and moving beyond slight hand gestures. A healthcare power of attorney is invaluable in such a situation. This legal tool empowers you to make health-related decisions on behalf of your incapacitated parent.
Power of attorney is also applicable to asset management. Such a financial power of attorney empowers a trusted family member or other individual to make financial decisions on behalf of yourself in the event that you become incapable of doing so. Illness, injury, or another unforeseen event, such as dementia, has the potential to prevent you from thinking and acting clearly.
A South Carolina estate planning attorney will establish power of attorney on your behalf so you can live the rest of your life in full confidence, knowing a trusted family member or friend will make sound decisions on your behalf.
The Role of the Agent
The signature on a durable power of attorney authorizes an individual other than yourself to serve as agent. Also referred to as attorneys-in-fact, such agents act on one’s behalf to complete specific acts. Such an agent manages your affairs in the event of incompetence, ultimately preventing the need for a potentially expensive and complicated trust or guardianship.
In short, assigning an agent to handle your affairs through a power of attorney makes it easier for trusted people to make life easier and more comfortable in your final years. In some instances, spouses provide one another with power of attorney. Others choose their children, grandchildren, or trusted neighbors to act as agents.
When selecting a power of attorney agent, do not automatically choose your oldest son or daughter. Rather, it is better to select an individual with the intellect, time, and maturity necessary to handle your affairs exactly as you desire.
The Limits to Power of Attorney
A person with power of attorney over another’s bank account does not have full financial control over that person’s money. Rather, such a power of attorney provides authorization to write checks and pay bills yet not sell real property such as a house. However, if you trust your power of attorney agent to handle your real property on your behalf, our estate planning attorney can assign him or her the power to sell real estate.
Learn More During a Consultation With Our South Carolina Estate Planning Attorneys
If you don’t have an estate plan or haven’t updated yours in years, be proactive. Our legal team will do all the work on your behalf. Contact our South Carolina estate planning attorneys today to schedule an estate planning consultation.