People in different stages of life have unique estate planning needs. New parents have different priorities and concerns than people on the edge of retirement, for example. Many people stop after creating testamentary instruments.
So long as they can control the descent of their property after they die, other estate planning documents may not seem particularly important. However, there are many scenarios in which estate planning documents could help protect an individual. Incapacity is one such situation. People can experience personal emergencies that leave them fully dependent on others. Powers of attorney can help protect people when incapacity prevents them from acting in their own best interests.
Young professionals and college students
When teenagers become adults, they lose the direct support of their parents. Parents cannot access medical records or make decisions on behalf of a child who is now an adult. They also lose control over the resources that belong to their adult children. Powers of attorney help ensure that someone can pay a young adult’s bills or oversee their medical care when they require support.
People with chronic medical conditions
Certain medical issues are likely to recur repeatedly or slowly worsen throughout life. People diagnosed with chronic or progressive maladies may need to consider the possibility of future incapacity. Establishing powers of attorney to ensure that they have support if their condition worsens or something goes wrong during treatment can be beneficial for those dealing with significant medical challenges.
Adults preparing for retirement
Advanced age comes with a variety of potential medical challenges. People’s physical capabilities decline, leaving them vulnerable to traumatic injuries caused by falls and similar incidents. Alzheimer’s disease or other forms of dementia can also leave people incapable of managing their own affairs. Older adults thinking about their independence and future need for support may want to specifically draft durable powers of attorney. They can designate someone to assist them if they become permanently incapacitated.
Creating powers of attorney while an adult is still healthy can protect them in the future when their condition changes. People in a variety of circumstances can derive practical protection and peace of mind from powers of attorney.