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Is it time to create your powers of attorney and a living will?

On Behalf of | Sep 8, 2021 | Estate Planning |

There is no time like the present to create estate planning documents that will benefit you while you are still alive.

No matter what your age, an unexpected accident or serious health condition can occur. This is why you should consider creating powers of attorney plus a living will.

The aid of a durable financial POA

By creating a durable power of attorney (POA) for finances, you can name a trusted relative or friend as your agent to act on your behalf if you are unable to manage this part of your life, or even if you simply need some help. Your agent can balance your checkbook, pay your bills, file taxes, manage your property and even make investment decisions for you.

Two documents for your medical care

In Colorado, you will need two documents in order to obtain the type of medical care you want. A medical POA will allow you to appoint a trusted agent to make medical decisions on your behalf if you are incapacitated and cannot speak for yourself. The other document, a living will, provides instructions to medical personnel if you are in a comma, if you cannot communicate for seven days or longer or if you have a condition that two doctors certify is terminal.

The importance of timing

Many people wait until their later years to create estate planning tools such as POAs and living wills. However, age brings the possibility of some form of dementia. Keep in mind that you must be mentally competent when signing these documents. With legal guidance, you can create POAs for your medical care and finances plus the living will the state of Colorado requires and enjoy knowing you are well prepared for the unexpected.