A power of attorney (POA) is something you may have heard of but haven’t set up yet. We get it- life is busy. However, a POA is something we recommend all the time because it’s so important. There’s a reason why more than 50% of Americans have a POA in place.
While a POA is important for just about everyone to set up, it’s especially important for people in a few specific situations.
Senior Citizens Should Set Up a Power of Attorney
The older we get, the more likely we are to have medical issues. This is part of life and something we all need to deal with as we age.
There are a lot of different types of medical issues, and unfortunately, some of them can render us incapacitated in some way. For some people, that means they aren’t able to get out of bed. Others may be more mentally incapacitated and aren’t able to make decisions for themselves.
When these types of things happen, a power of attorney is critical. They’ll be able to make decisions on the senior’s behalf to keep their affairs in order. For example, the POA may make a financial decision such as selling off some of the person’s assets to help pay for medical bills. They may also make a decision in terms of what kind of medical treatment should be done.
If you’re a senior and haven’t set up your POA yet, don’t wait. It’s best to dig a well before you’re thirsty, and it’s best to set up your POA before you need it.
Families with Young Children Need a Power of Attorney
Do you have young children? Since the first 12 years of a child’s life is so formative and critical to set them on the right path for the rest of their lives, we highly recommend you take the time to create a power of attorney with someone you trust.
If you become incapacitated, you want to make sure your kids are well taken-care of. Yes, it’s important to set up a will and talk to the people who would become your children’s legal guardians in case you pass away. What happens if you don’t pass away, but you’re just unable to make decisions for some reason? That’s where the POA can become important and step in.
People in High-Risk Jobs
The last group of people we’d recommend to set up a POA is those of us who have riskier jobs than others. People that come to mind are military, firefighters, police, etc. Someone died from work-related injuries every 99 minutes in 2019, and that doesn’t account for how many people have been incapacitated at work.
The unfortunate truth is that these types of jobs put you in danger more often than most people. To make sure your affairs are in order at home, you should set up a POA. Hopefully, you are never incapacitated and can retire safely and happily at the end of your career but you never know when something can go wrong. If you become incapacitated without a POA in place, your affairs may not be taken care of the same way you’d have wanted.
Set Up a Power of Attorney
In our opinion, everyone should set up a power of attorney. But if you fall in one of these groups, it’s even more important. Give us a call at 714-663-8000 and we’ll help you set up your POA.