Plan Ahead for Important Financial & Legal Decisions
A Power of Attorney is an important part of a comprehensive estate plan. It allows you to designate someone you trust to handle certain financial, legal, or business matters on your behalf when authorized to do so.
At Hoffman & Associates, our Atlanta estate planning attorneys help individuals and families create Powers of Attorney that work alongside their wills, trusts, healthcare directives, and other planning documents.
Planning ahead can provide greater clarity for your family and ensure that someone you choose has the appropriate authority to act when needed.
Why Do I Need a Power of Attorney?
Many people associate estate planning only with what happens after death. However, an effective estate plan should also address what happens during your lifetime if you are unable to manage your own affairs.
An unexpected accident, serious illness, cognitive decline, or other circumstance could make it difficult or impossible to handle financial matters personally.
Without appropriate planning, family members may have fewer options for managing your affairs and could potentially need to pursue a court-supervised process to obtain legal authority.
A properly prepared Power of Attorney can establish in advance who you want to act for you and what authority that person should have.
When Should You Create a Power of Attorney?
The best time to create a Power of Attorney is generally before you need someone to use it.
Waiting until incapacity occurs can create significant complications because an individual must have the required legal capacity to execute estate planning documents.
Common times to create or review a Power of Attorney include:
- Creating your first estate plan
- Getting married
- Starting a family
- Purchasing significant assets
- Starting or acquiring a business
- Approaching retirement
- Preparing for significant travel
- Moving to Georgia
- Experiencing major family changes
- Updating an older estate plan
Adults of many ages can benefit from having appropriate incapacity planning documents in place.
When Should I Update My Power of Attorney?
A Power of Attorney should be reviewed periodically, particularly when your circumstances or relationships change.
Consider reviewing your document after:
- Marriage or divorce
- Death of your designated agent
- A change in your relationship with your agent
- Relocation to another state
- Significant changes in your assets
- Starting or selling a business
- Major changes in your financial circumstances
- Updates to your overall estate plan
- Changes in applicable law
You may also want to review older documents to ensure they continue to reflect your current intentions.
