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Here is the conclusion to our three-part blog 6 Mistakes to Avoid When Developing a Power of Attorney.
This power of attorney mistake is commonly made when people put off essential estate planning or when they are unaware that they should be taking these steps to plan for their future. Not having a power of attorney in place can leave your finances and medical care in a state of disarray if you become incapacitated in any way in the future.
For instance, if you are injured in an accident, your loved ones may be left scrambling to figure out whether you want to be left on life support, how to handle your financial matters, etc. What this ultimately means is that not having a power of attorney in place could burden your loved ones with significant emotional and financial stresses in the future.
Depending on the details of a person’s situation and his own needs, it may be best for an individual to create two different powers of attorney – a durable financial power of attorney and a durable medical power of attorney. In fact, in these cases, developing two separate powers of attorney can effectively allow a person to appoint two different, specific individuals to be the attorneys-in-fact for each of these powers.
For instance, while a person may select his accountant or lawyer to be his attorney-in-fact for a durable financial power of attorney, he may alternately select his spouse or his child to oversee his durable medical power of attorney.
Failing to keep these powers of attorney separate could lead to a person who you don’t necessarily trust being empowered to make certain critical decisions on your behalf.
When you are ready to develop an effective power of attorney, the estate planning lawyers at Colorado Estate Matters, Ltd. will be ready to help you. We provide a thoughtful, comprehensive approach to our clients’ estate planning needs, and we are dedicated to helping each of our clients and their families find the best solutions for them.
At Colorado Estate Matters, Ltd., our Denver estate planning lawyers are skilled at using a variety of traditional and innovative approaches to develop solutions that are perfectly tailored to our clients’ needs and objectives. Our goal is to help our clients efficiently navigate the complexities of the law so they can develop prudent solutions that will protect them, their assets and their families in the future.
We can discuss your estate planning needs and different options during our consultation. To schedule this meeting, call us at (303) 713-9147 or email us using the contact form at the top of this page.
From our offices in Denver, we serve clients throughout the southwest and southeast Metro Area, including (but not limited to) people in Highlands Ranch, Littleton, Castle Rock, Parker, Aurora, Greenwood Village, Englewood, Centennial, Wheat Ridge, Golden and Arvada.