Not Many matters in life succeed the weight of ensuring that one’s loved ones are properly taken care of and provided for. For most breadwinners, it is difficult to swallow the idea of a time arising where their loved ones won’t have them to depend on and they will have to navigate through the tides of life on their own. However, it is better for a person to consider this notion as opposed to worrying about it unnecessarily at unexpected times.
Anyone who owns assets or an estate can make sure they plan for the future by getting proper estate planning done. One important matter that will be taken into consideration when a person is getting their estate planning done is the issue of durable power of attorney. Power of attorney is a document that a person will sign that authorizes another person to act on their behalf. This person will be known as an agent and they will act on a person’s behalf in case they are unable to make decisions for themselves any longer due to mental or physical illnesses or due to losing their life.
It is vital that a lot of time and care is taken when deciding power of attorney. A person should only appoint someone who they absolutely trust will follow what they want and who will handle all of their finances with as much honesty as possible. The agent will have a lot of power once the papers have been signed and they will be able to sign legal documents in a person’s place, deal with real estate, pay off bills and make other similar financial decisions.
An estate planning lawyer can help a person carefully craft a legal agreement so the chances of the person taking advantage of their power are minimized and so everything necessary is clearly specified in the document.
What happens if estate planning is too late in Saint George, Utah?
Anyone who made the mistake of not fulfilling an estate plan should get in touch with a lawyer as soon as possible to avoid getting into a situation where it may be too late. However, if a person becomes unable to represent themselves and they have not signed power of attorney, one of their relatives is allowed to petition to be the representative to carry out all their tasks for them. One person may be a guardian for both the person and the estate, or there may be separate individuals appointed to both.
Anyone who wants to create an estate plan should connect with an attorney at the Law Office of Barney, Mckenna, and Olmstead to get started today.
Reach them at:
43 South 100 East
590 W Mesquite Boulevard