Designating a Power of Attorney is such a critical and important part of Estate Planning. It may be the MOST IMPORTANT document you ever draft for yourself. Here's why...
It gives another person, as your agent, the opportunity to "step into your shoes" and make financial and medical decisions for your benefit.
The Netflix #1 show "I Care A Lot" with Rosamund Pike, highlights the issue of failing to have a Power of Attorney document in place. In that movie, the victim was an elderly lady with a new alzhemiers diagnosis from her doctor, without any children, without a Power of Attorney designated, and with a vast amount of wealth. Had the victim had a Power of Attorney document in place, that individual would have legal standing to make care decisions, and been able to contest in court the appointment of a Court appointed guardian. Hence the plot line of the movie would crumble.
Do you see what an important document the Power of Attorney designation is? You ask a person who you know (a relative or close friend) to be your Power of Attorney and they would have your BEST interests at heart. Much more so than a professional fiduciary or guardian who gets paid to care for you.
