As people age or encounter diminished physical or mental capabilities, making decisions regarding personal finances, business, or other critical life decisions may become impossible. In order to prepare for this, a Power of Attorney (POA) document may appoint a trusted person to make decisions on your behalf. In the event that you become temporarily or permanently unable to make decisions, the POA is vested with the obligation to act in your best interest.
Although we all hope to never need someone to step in to make decisions for us, a POA document gives individuals confidence that in the event they are deemed incapacitated, the assets they have worked hard for will not be exploited. Without a POA, the individual who should be making decisions on your behalf is unclear and decisions will likely be made by a court-appointed representative who does not know you personally.
The individual you choose may be anyone you trust, including your spouse, children, or other close relative. They are expected to make informed, good-faith decisions in your best interest. Therefore, it is important to choose someone who knows you and your intentions well and will not act in a self-serving manner.
Every Power of Attorney document is different, with each individuals’ needs being unique. The attorneys at Simpson, Jensen, Abels, Fisher & Bouslog, P.C. are experienced in handling complex Power of Attorney issues. Contact us at (515) 288-5000 to discuss with our firm.
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