What Are the Risks of Not Having a Power of Attorney?

Many assume that once they create a Last Will and Testament, their work on their estate plan is as good as done. However, there are certain topics your will document does not cover, and you must fill these gaps with other estate planning documents. One of these pivotal documents is arguably a power of attorney. With that being said, please continue reading to learn the risks of not having a power of attorney as a part of your estate plan and how one of the experienced Butler County powers of attorney lawyers at Heritage Elder Law & Estate Planning, LLC can help you establish one before it is too late.

What is a power of attorney supposed to do for me?

First things first, a power of attorney is an estate planning tool that may allow you to appoint a trusted individual to make your healthcare, medical, financial, or business decisions on your behalf, depending on the specific document you establish. Giving this authority to a third party may become necessary should you ever become mentally incapacitated and unable to act on your own. Simply put, just like with many other estate planning documents, you should have this as a precaution.

What are the risks of not having a power of attorney in my estate plan?

Again, like most estate planning documents, a power of attorney helps you avoid court interference. And so, without having a power of attorney in your estate plan, you may run the risk of court intervention and ultimately an outcome you would not have wished for yourself. This is similar to what would happen if you sadly passed away with a valid and enforceable Last Will and Testament document, which you hopefully already worked on.

Specifically, the Pennsylvania court may step in to establish a conservatorship or guardianship on your behalf. Meaning, they may appoint an individual to serve as your conservator or guardian and make these healthcare, medical, financial, and/or business decisions. Usually, they assign one of your closest family members to this role.

But even though you may trust this individual wholeheartedly, they may not be equipped with the experience to take on this serious responsibility. What’s more, they may not have prior knowledge of your personal wishes and unintentionally go against everything you would have hoped for. Honestly, this may put a costly, time-consuming, and emotional strain on someone who is not necessarily up for the challenge.

All of this to say, if you want to maintain control over how your personal affairs are managed, you must have at least one power of attorney document in your estate plan. To conclude, if you require additional consulting, look no further than one of the skilled Butler County estate planning & probate attorneys from Heritage Elder Law & Estate Planning, LLC. Schedule your initial consultation with us today.