Many people think that a will is all that you need to accomplish your estate planning goals. However, this is not necessarily the case. While a will allows you to determine where assets go or who will take care of your kids after you die, it doesn’t go into effect until after you pass. Adding a power of attorney document may ensure that you keep your North Dakota home or that other issues are taken care of if you cannot do so on your own.
Powers can be limited or broad
You have the ability to tailor a power of attorney form so that it fits your needs now and in the future. For instance, you could say that your agent only has the authority to make your mortgage payment while you’re recovering from an upcoming surgery. You might also stipulate that your agent can manage all of your financial accounts while at the hospital for any reason.
It’s worth noting that you don’t need to be incapacitated before someone can represent your interests. If you feel as if someone else is better suited to look after your money, there is little stopping you from handing over the authority to make decisions to that person.
You can edit or revoke a power of attorney
You may decide at some point after executing a power of attorney form that it no longer meets your needs. For instance, you may decide during an estate planning session that your current agent is no longer trustworthy enough to manage your affairs. You may also decide that you want to limit the scope of your agent’s power. Fortunately, it’s generally acceptable to edit or revoke a power of attorney form for almost any reason you can think of.
You can typically create or edit an estate plan as long as you are of sound mind. Therefore, you should have little or no problem adding a financial agent or changing the role of a current agent regardless of your age, financial circumstances or physical health.