Bay Area Estate And Tax Planning Law Firm

Why thoughtful estate planners focus on power of attorney selection

On Behalf of | Jun 3, 2019 | Uncategorized |

When we refer on our website to “one of the most important decisions you’ll make when you’re planning your estate,” what do you think we are spotlighting?

We of course stress the fundamental building blocks of thoughtful estate planning at the proven Bay Area Law Offices of Connie Yi, PC. Key decisions obviously include the timely and careful drafting of a will and the possible creation of one or more flexibly tailored trusts. They also address strategies for preserving assets, lawfully avoiding taxes, passing along assets to heirs, charitable giving, defining a family legacy and additional considerations.

A key inclusion on virtually every planner’s above-cited “one of the most important decisions” checklist will also include something that many individuals and families do not immediately focus upon.

Namely, that is the careful selection of a power of attorney, which ultimately turns out to be a choice that can pay strong dividends down the road or, alternatively, wreak havoc.

It’s easy to understand why. Investing a third party with POA prerogatives enables that person to make important decisions for a planner who becomes incapacitated and ultimately cannot make them for himself or herself.

And a POA selection can have effect over broad territory. As we note on our website, an individual can be given discretion to act in not just limited fashion, but with ample discretion over general affairs. A POA designation can focus upon decision making concerning health care and end-of-life matters. It can also address financial concerns.

As such, POA selection is far from a trivial matter. In fact, it can be one of the most decisions made by an estate planner.

An experienced attorney can help to answer questions and provide legal assistance.