There are a lot of misconceptions when it comes to the estate planning process. Just because you have a will in place doesn’t mean that it’s the end of the matter. Here are some of the things that you’ll need to take into account when you’re naming a power of attorney.

Establishing Your Estate

A will is simply a declaration of your wishes. This doesn’t mean that your successors necessarily have to abide by them. There are different types of powers of attorney that can be established —through the trust process,  a durable power of attorney and a springing power of attorney. The point of a power of attorney is that there will be someone in place who can manage your affairs if you were to become incapable of handling them yourself.

Naming Process

Selecting someone who will handle your affairs the way that you would have wanted them can be a challenging process. Depending on the type of power of attorney that you selected, this will dictate how soon this person can act on your behalf. In some instances, your lawyer might hold onto the power of attorney form that you signed in order to prevent this person from managing your affairs until it’s deemed necessary.

Declaration Procedures

Being declared incompetent should involve a process in which your doctor is involved in the matter. This offers you protection against someone from taking advantage of the situation. Talking to a lawyer about the estate planning process will help you to clear up the matter so that you can feel more confident in your decision about who you decide to name when it comes to your affairs. There should also be a way for you to regain your own power of attorney if your condition were to improve.

Including Medical Directives

Another thing that you’ll want to include in your estate planning are advanced medical directives. This is where you outline the steps that you want taken in regards to life-sustaining measures. Not only is it for your protection, but it gives your power of attorney a jumping off point in helping them to determine your wishes. Having all of these documents in place will help your estate to avoid the probate process and give your power of attorney guidance on your instructions.

Your power of attorney can only act on your behalf while you’re still living. Setting up your trust will ensure that your estate is handled in the manner that you desire after you’ve passed.

Author Info: Rachelle Wilber is a freelance writer living in the San Diego, California area. She graduated from San Diego State University with her Bachelor’s Degree in Journalism and Media Studies. She tries to find an interest in all topics and themes, which prompts her writing. When she isn’t on her porch writing in the sun, you can find her shopping, at the beach, or at the gym. Follow her on Twitter and Facebook: @RachelleWilber.