It pays to be proactive in life, especially when it comes to planning your estate. With a properly executed estate plan, you can have peace of mind knowing that the wealth you’ve worked your entire life to build will be managed according to your wishes after you’ve passed away.
But there is more to estate planning than simply determining how your estate will be inherited. If you find yourself incapacitated, it makes sense to want to have someone you trust making decisions on your behalf. This is where a power of attorney comes in. Basically, this is an individual you’ll designate to make financial and healthcare decisions on your behalf if you are incapacitated.
Peace of mind
Incorporating a power of attorney in your estate plan can ease the burden on your loved ones who would otherwise have to obtain a court order to make crucial financial decisions like selling off your property or paying your debts while you are incapacitated or on life support. Court processes are both time and cost-intensive. And having a power of attorney in place can eliminate these and additional related burdens.
Formally delegate decision-making powers
The main goal of a power of attorney is to ensure that someone you trust is on standby to make critical decisions on your behalf in the event that you cannot do so yourself due to health reasons. In return, this takes the guesswork out of your intentions. The last thing you want while you are incapacitated is your loved ones battling in court whether the life support should be switched off or not. With a power of attorney in place, everyone will know your wishes, thus, leaving no room for speculations and costly legal battles.
Protecting your interests
As you can imagine, a power of attorney is a significant role. Learning more about Colorado estate planning laws can help you protect your interests and avoid costly missteps while designating a power of attorney for your estate.