People often wait for specific life events to address different estate planning matters. For example, many people choose to draft wills after they get married, have children or invest in certain types of property, such as a home.
Testamentary documents are not the only estate planning paperwork people need. Many adults also benefit from the protection of powers of attorney. Powers of attorney allow people to name agents in advance to manage their affairs in an emergency scenario.
When is the right time to draft powers of attorney?
Earlier is often better
People never know when emergencies might occur. College students and professionals in their twenties could end up incapacitated because of car crashes or an on-the-job emergency.
Once a young adult turns 18, their parents can no longer make medical decisions or manage their assets without written permission. Most people who have recently become adults may benefit from the peace of mind that powers of attorney provide.
Individuals who have recently divorced may also want to consider drafting powers of attorney. After all, they no longer have a spouse to take care of their needs when they cannot.
Those facing major medical issues often draft powers of attorney. Similarly, older adults preparing for retirement may want to establish durable powers of attorney to protect themselves from the possibility of permanent incapacitation and the involuntary loss of personal authority.
Expanding estate plans to include documents that apply while someone is alive can be beneficial for people in many circumstances. Powers of attorney help people when they are at their most vulnerable, making them important to establish before an emergency occurs.
