Do I Need a Power of Attorney?

NASHVILLE, Tennessee. According to the New York Times, it can be difficult to estimate your real odds of becoming disabled. By one estimate, the odds of disability are as high as 80 percent, but this includes a sprained ankle. Besides changing your workout routine, this kind of disability is unlikely to require long-term medical care, long-term financial planning, and other legal protections. But what about more serious disabilities? What are your risks?
It is much more difficult to estimate the odds of serious disability that could interfere with your ability to make decisions, manage your finances, or plan your healthcare. Some estimates put the risk of disability at some point in your life at about 1 in 4. Other individuals have a diagnosis of dementia or Parkinson’s that allows them to plan ahead, but many disabilities, like stroke or a car accident can occur suddenly and unexpectedly. Should you become incapacitated or become seriously ill, do you know how your bills will be paid, how your assets will be managed, and hoe other decisions will be made? Because disability can strike anyone at any time, it is wise to consider it in your long-term estate planning.
If you are in the process of estate planning, it may be wise to appoint a power of attorney. According to Investopedia, appointing a power of attorney should be considered whether you have a high net worth or only have modest assets. A durable power of attorney goes far beyond financial planning and also involves your end of life wishes and wishes regarding medical care.
It is important to carefully select someone you trust to have power of attorney. This person will be given the power to make financial decisions on your behalf and the ability to make medical decisions for you should you not be able to make them yourself. Many people appoint a close family member or someone they trust. You’ll want to speak to a qualified lawyer to review the legal documents to ensure that your wishes will be honored in court should any dispute arise.
Many people put a power of attorney in place because they want to ensure that their end of life wishes are honored. Do you want doctors to heroically perform CPR on you should your heart stop? Would you want to be connected to life-prolonging machines should you become very ill? At the heart of a durable power of attorney is the fact that you are appointing someone who understands your wishes and ensures they are followed out. Of course, it is not just enough to appoint a power of attorney or write your wishes in your will. You need to have a real conversation with the person you trust and your family detailing your wishes. A qualified power of attorney lawyer like Elder Law of Nashville, P.L.C. can help you have these important conversations and put the legal documents in place to protect your rights. Visit us at https://elderlawofnashville.com/probate/ to learn more about how we can help you with your estate planning needs.

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