Many California residents make plans. They plan what they will do over the weekend, where they will go on vacation next summer and even who will host Thanksgiving next year. While making these type of plans is important, it is even more important to plan for the future. Planning for the future often includes creating a will, devising an estate plan and establishing a power of attorney.
A power of attorney gives another individual or an organization the ability to make decisions and conduct business on behalf of the individual in the event that he or she is unable to do so. If one becomes ill and unable to make decisions, the individual with power of attorney may do so on his or her behalf. While many assume that a loved one will be able to make decisions without a power of attorney, there are many medical and financial decisions that the loved one will be unable to make without this document or court involvement.
A power of attorney allows another to make a variety of decisions for the individual in case of illness or if the individual is physically unable to make these decisions for some other reason such as being unable to by physically present at the designated time. These decisions can involve financial or banking transactions, property or real estate transactions, filing tax documents or even conducting business transactions. Many of these decisions require that an individual be physically present for the business to be finalized; however, one’s physical presence is not always possible.
While making plans for future events is important, it is even more important to plan for the future. No one can predict when something will happen that will make is difficult for one to make necessary financial or medical decisions. A power of attorney can solve this problem for the California resident.
Source: villagerpublishing.com, “Power of attorney protects loved ones”, Dec. 14, 2016
