Unfortunately, planning for the future involves planning for both the best and worst case scenarios. Under the best of circumstances, the individual will live a long, full life and be able to enjoy California retirement. On the other hand, this is not guaranteed, and the individual may suffer a condition in which he or she is unable to make their own personal decisions. In both instances, a durable power of attorney will be a beneficial document.
For the individual who is able to enjoy the so-called golden years, the durable power of attorney can add a sense of freedom. This document will allow a specified individual to act on behalf of the individual. This person can take care of paying bills and managing assets while one is off enjoying life.
The durable power of attorney is also an essential document if one becomes incapacitated and is unable to make sound decisions. The number of individuals suffering from dementia, Alzheimer’s or other debilitating conditions is staggering. Once the condition progresses to the point of needing another individual to make decisions, the individual no longer has the capacity to grant this authority. Without this in place prior to this point in time, the matter will need to go before the courts to grant permission for another to make these important decisions.
While the average California resident does not like to think of the worst case scenario, it is a possibility. Fortunately, a durable power of attorney can be a benefit in both the best and worst of circumstances. In order to make sure that the individual’s wishes are adhered to, it is prudent to seek legal guidance in establishing such a document.
Source: fool.com, “Power of Attorney: Preparing for the Unexpected“, Oct. 26, 2016
