When most people consider estate planning, they are thinking about wills and trusts. However, it’s important to realize that these are not the only components of a successful estate plan. An estate plan should also have powers of attorney. More than one may be appropriate based on your situation, and the right Virginia estate planning lawyer can help you figure out what’s right for you.
A power of attorney enables one person to grant another individual the ability to perform acts on the first person’s behalf. This can be done based on circumstances outlined by the first person. The good news is that you have some flexibility and control over how the powers within your power of attorney can become active. A discussion with your lawyer is well worth it when it comes to this.
The two most common types of documents are known as the power of attorney for healthcare and the durable power of attorney. If you choose a power of attorney that is only triggered after a particular type of event, for example, then a doctor might have to certify that you as the principal meet the qualifications to allow the other person to make decisions on your behalf.
As you can see, whether it’s a medical power of attorney or a financial one, choosing the right person to serve in this role is really important. It’s not a decision that should be taken lightly. You should always discuss your options after consulting with an experienced estate planning attorney