The Top Benefits of a Comprehensive Power of Attorney

The benefits of a highly detailed, comprehensive power of attorney are numerous. 

Unfortunately, many powers of attorney are more general in nature and can actually cause more problems than they solve.

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Much has been written about the exploitation of seniors by people who take advantage of them through undue influence, hidden transactions, identity theft, and the like. Even though exploitation risks exist, there are great benefits to one individual (the principal) empowering another person (the agent) to act on the principal’s behalf when the individual is unable to do so. All powers of attorney are voluntary delegations of authority by the principal to the agent. The principal has not given up his or her own power to do these same functions but has granted legal authority to a trusted individual such as a family member to perform these tasks on their behalf only when it is necessary.

Benefits of having a comprehensive durable power of attorney that has
been created by an experienced attorney:

Provides the ability to choose who will make decisions for you (rather than a court).

The more comprehensive the power or attorney, the better. As we age, our needs change and a comprehensive power of attorney is designed to address all possible scenarios where a power of attorney is necessary.

Prevents questions about the principal’s intent.

Prevents delays in asset preservation planning.

Ensures that the power of attorney meets all current federal and state requirements.

Allows agents to talk to other agencies. Many companies, especially financial institutions will refuse to disclose any information or provide services without a valid and comprehensive power of attorney on file.

Allows an agent to perform planning and transactions to make the principal eligible for public benefits.

Contact us today at (402) 614-6400 to schedule a FREE 30 minute consultation with one of our experienced Elder Law attorneys!

Elder Law of Omaha, P.C., L.L.O. 
Omaha Chamber's Small Business of the Month for January 2017