Here in Cincinnati, a complete estate plan includes a Power of Attorney – let’s review what it is, why it is a good idea and how to get one created for you.
What is a Power of Attorney? If you visit my website at www.davidlefton.com, you’ll see a description of a General Power of Attorney, sometimes call a Financial Power of Attorney. It is a legal instrument in which you have selected one or more individuals to manage your financial affairs if you are unable to do so. Another kind of Power of Attorney is a Medical or Healthcare Power of Attorney. Like the General or Financial Power of Attorney, this document designates another person to make decisions, but in this case, they are medical decisions for you if you cannot do so for yourself.
Why is a Power of Attorney a Good Idea? There can be several situations in which it can be convenient. Two come to mind. If you become incapacitated due to disease, illness or an accident, and your bills need to be paid. You can avoid the hassles of late fees, or worse, by having a Financial Power of Attorney already in place, allowing the appointed individual to see to them. The second situation often overlooked is if you are traveling, perhaps out of the country, and a legal document needs your in-person signature. While some states and countries permit electronic signatures for financial documents, Ohio does not for some type of documents. By having a Financial Power of Attorney, you can go on your trip, and your chosen individual can sign in your place here in Cincinnati, Ohio.
The Medical or Healthcare Power of Attorney is important even for married people. Do not assume the medical institution will automatically allow your spouse to make healthcare decisions for you if you don’t have a legally executed Power of Attorney. If you are single or divorced, think ahead – would you prefer your best friend, who knows you well, to make medical decisions or your estranged sibling you haven’t seen in years?
How Does One Get a Power of Attorney Set Up? It is so easy! As you have been reading this, I’m sure you already know in whom you would place your trust to handle your financial affairs or tell the doctors what you’d want or not. So please take the next step and meet with an estate planning attorney, like myself, who can help you set the documents up and ensure they are legally executed and will be accepted should they ever be needed as such. At the time they are needed is NOT the time to discover they were not executed correctly.
Having the appropriate Power of Attorney in Cincinnati, Ohio for you, is your decision, of course, but now that you understand what they are, how they may apply “in real life” circumstances, and how easy it is to get them done … why wait? I’d be more than happy to meet with you to talk about it. Call me at 513-399-7526 or visit my website www.davidlefton.com for more information.