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Assigning power of attorney is a major part of estate planning, and one that you should always make sure you have in place early on. While most people never plan on having someone else make decisions for them, there is no way of knowing what may happen in the future. Between accidents, serious illness, and other factors, it is in your and your family’s best interest to assign power of attorney ahead of time.

What is a Power of Attorney?

A power of attorney is someone that you name to make certain decisions for you if you become incapacitated or unable to properly take care of important decisions. Laws concerning power of attorney assignment vary from one state to another, so it is important that you check with a lawyer or government agency to ensure you follow the proper steps. There are also state-specific regulations that govern who may or may not be given power of attorney.

Decisions a Power of Attorney Can Make

It is up to you to decide what decisions your power of attorney will be able to handle on your behalf. You also have the right to assign different people to specific areas. The most common decisions that are assigned are:

• Decisions relating to your finances.
• Medical decisions, including whether to start, stop, or withhold certain treatments and services. Many choose a separate person or persons to help with making these choices, or you can assign one power of attorney for all decisions.
• Making gifts on your behalf.
• Recommending a guardian for your children.

Who Can Be Given Power of Attorney?

You can assign power of attorney, or attorney-in-fact, to nearly anyone you choose, but it is often reserved for spouses, adult children, and other trusted individuals. Whomever you choose should be someone you trust to act responsibly on your behalf, and make decisions he or she honestly believes you would make for yourself, if possible. You can choose to name different individuals for different aspects, such as one for finances and another for health care decisions. The choice is up to you, but you should also speak to the person in question to make sure he or she is comfortable handling the responsibility.

What Should be Included in the Document?

When preparing a power of attorney, you should make very clear what the person you are assigning will be able to control or make decisions about on your behalf. You should also clearly set limits for spending and other financial decisions, as well as requiring documentation of all activities performed for you. You will also need to consider whether others will be unhappy with your decision. If you believe this is a possibility, you can have witnesses on hand, or request that an attorney or physician write a statement stating that you were of sound mind when the decision was made.

A power of attorney is an important part of estate planning. You should always discuss your intentions with an estate planning lawyer to make sure you are following the laws and requirements in your state.

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