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Should you add powers of attorney to your estate plan?

On Behalf of | Feb 4, 2020 | Estate Planning

In a good case scenario, you have already been shoring up your estate planning efforts with legal documents that protect you and your heirs. Typically, those include a will and perhaps a trust or two, but that may not be all you need for maximum peace of mind.

In the St. Paul region of Minnesota, many residents are choosing to include one or more powers of attorney in their estate plans. These extremely valuable documents give you the power to name one or more individuals to act as your agents and make decisions on your behalf

Why would you ever need a power of attorney? Say that you one day become ill or injured and can no longer make important decisions for yourself. Without a power of attorney for health care, you may not have any control over the type of treatment you receive. Naming an agent to address these issues on your behalf legally ensures that someone you trust will be put in charge of your medical decisions.

Another important power of attorney concerns your finances. If you should become incapacitated, your chosen agent can continue managing your finances in the manner you prefer. This means that your bills continue to be paid and your investments managed per your expressed wishes.

If you are not certain whether you need a power of attorney, consider discussing your situation with a legal professional. The authoritative guidance an attorney can add to your estate plan usually means that you will get all the protection you need to live the rest of your life with peace of mind.