As I discussed in my previous video, financial and medical powers of attorney are essential parts of elder law and estate planning for seniors. But these documents, which give a trusted individual the ability to make healthcare and financial decisions on your behalf if you become incapacitated, are not just for those in their golden years.
Unexpected tragedies, like a car accident or serious illness, can happen at any time, at any age. If you are unable to manage your affairs in the aftermath of such an event, powers of attorney will ensure that someone will take care of paying your bills, filing tax returns, handling contracts, and dealing with government or other benefits.
If you become incapacitated without powers of attorney, your family will have to go through a probate court process so that a judge can name someone to be responsible for your care and well-being (a guardianship) as well as your finances (a conservatorship). This process can be costly, lead to significant delays, and impose other burdens that could have been avoided with powers of attorney.
In this video from her Estate Planning Series, Bobbi Hines explains why you should prepare powers of attorney no matter how old (or young) you may be.