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The purposes of a power of attorney in estate planning

| Jun 24, 2020 | Uncategorized |

People in Florida often spend a significant amount of time planning their lives. They start saving money from an early age as they plan for retirement and purchase life insurance to support their family in the event of their death. While these measures may be obvious to many, an equally important, but less obvious, need that is part of the estate planning process is the naming of someone — or multiple people — to serve as power of attorney.

Giving powers of attorney can help in a variety of different circumstances. For example, a person who is incapacitated is unable to make financial and medical decisions for him or herself. By planning in advance, someone with these powers can step in during what is likely a stressful situation and make decisions without requiring court intervention.

These powers can also help parents with young adult children. If a 20-year-old were to have a medical emergency, his or her parents may have difficulty getting medical information or involving themselves in the decision-making process for either medical or financial issues. It can also avoid issues regarding the Healthcare Insurance Portability and Accountability Act (or HIPAA).

For many people, it is difficult to imagine a time when they are unable to make their financial or medical decisions on their own. However, a car accident or serious illness can happen unexpectedly, leaving individuals incapacitated and unable to make decisions on their own. Fortunately, The Law Office of Anne Sunne Freeman has over a decade of experience helping meet our clients’ estate planning needs, including establishing powers of attorney to appoint a trusted individual to act in specified circumstances.