Many Oklahoma residents are turning their thoughts to how they can make changes to improve their lives in 2016. Addressing estate planning is one way to ensure that loved ones will be properly cared for in the event of an individual's debt. However, there is another aspect of estate planning that many people overlook. Creating the proper power of attorney documents is equally important.
Power of attorney paperwork is the means through which individuals designate a proxy to handle decision-making in the event that the individual is incapacitated. An example would be a serious car accident that leaves an individual in a coma. Unable to make decisions on his own behalf, that person would be powerless to control the medical care that he would receive. He would also be unable to ensure that his finances were handled according to his wishes.
By drafting a medical or financial power of attorney, that same person would have the ability to designate the individual or individuals who are entrusted to handle those matters if such an event takes place. In the best scenarios, the person who creates the power of attorney and the person named within will have a series of discussions about what should take place if tragedy should occur. That should always be the goal.
By having power of attorney documents in place, Oklahoma residents are taking steps to ensure that their own interests are properly handled in the event of an emergency. However, such a move also removes a great deal of stress on those who would be left to make those decisions on their own if the need should arise. Power of attorney designations can remove much of the second-guessing from an emergency scenarios, which is a gift in and of itself.
Source: investors.com, "5 Changes To Make To Your Financial Plan Now For The New Year", Marie Beerens, Dec. 18, 2015