The Top 10 Benefits of Comprehensive Powers of Attorney
Aug 06, 2018
Whether for medical or for financial reasons, the benefits of a highly detailed, comprehensive power of attorney are numerous. Unfortunately, most powers of attorney are general in nature and can actually cause more problems than they solve.
Much has been written about financial exploitation of individuals, particularly seniors and other vulnerable people, by people who take advantage of them through undue influence, hidden transactions, identity theft, and the like. Even though exploitation risks exist, there are great benefits to one individual (the principal) privately empowering another person (the agent) to act on the principal's behalf to perform certain financial functions or to make health care decisions when they are needed.
So, what can well written, thoughtful powers of attorney do for you and your family? Here’s the top ten:
1. Without them, you lose control. The best time to plan is “when you can.” Powers of attorney are a...