Why Naming a Power of Attorney is Important

It’s hard to ever envision anything bad happening to us, but it’s important to look beyond our own fears so that we can look out for ourselves in the future. Whether it’s renewing insurance, dealing with your investments or any other important decision, it’s imperative that we all take some time to consider the possibility of not being able to make our own decisions. This is where planning ahead and naming a power of attorney is so important. Here are the two main reasons why.

Your Finances

You’ve worked your whole life to achieve what you have – whether it’s your home, a company, investments or anything of financial matter. It’s important that if you ever suffer from some unforeseen health or medical condition, and are unable to make the decisions yourself, someone you know and trust can make them for you. This is why planning for the future is so important.

Power of attorney means you get to select someone who may act on your behalf. This not only ensures that your needs and desires are properly taken care of, but also that they are done promptly and accurately. Without this, it would require an individual to apply to become your representative, which may not be someone you desire to oversee your decisions in the first place.

Your Healthcare

There’s nothing more important than health and the people who can makes those tough decisions for you when you no longer can. Whether it’s treatment, or even housing, the person you select to be your appointed representative can offer you the comfort of knowing how you wish to be treated. This also incudes any preferences for life support or resuscitation. Additionally, you can also select what restrictions your power of attorney has.

Having a person appointed to deal with your desires and needs at a time when you may be suffering can offer you that sense of comfort and peace knowing that things will be taken care of.

When it comes to long-term planning, we must never exclude the possibility that we may not always be able to make our own decisions. It’s imperative to see beyond our fear and look towards the peace and comfort of having someone we can trust to make those hard decisions for us. We can’t predict how life may change. We can only do our best to plan for it, which is why naming a power of attorney is so important.

Consult The Beacon Group of Assante Financial Management Ltd. for expert advice on estate planning, tax planning, retirement planning, or investment advice.