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Should you compose a power of attorney early?

| Jan 5, 2021 | Estate Planning

It is natural to feel wary about creating a power of attorney. The idea of turning over your decision making powers to someone else is not something to take lightly. Still, a power of attorney can be crucial and you want to have it ready at the earliest possible time.

According to U.S. News and World Report, there are multiple reasons why you should work out your power of attorney as soon as you can. Even young people should understand the need to make their own POA documents.

A sudden accident may occur

If you turn eighteen, the notion of suffering incapacitation due to health problems may seem like a far off event. However, unexpected events may intervene. A sudden car accident can disable you. It could inflict serious brain damage that makes you unable to make health care decisions. Even a simple fall can make your health take a turn for the worse.

You may suffer an illness

Similarly, you should consider what might happen if you became seriously ill. Even a younger person may experience a debilitating condition like a heart attack or a stroke. Depending on the severity of the condition, you could wind up in a coma or a prolonged vegetative state. Bacterial infections through an open wound can also devastate your health.

You may receive a dementia diagnosis

You also want to complete a POA document before a doctor diagnoses you with a disease like Alzheimer’s or a form of dementia. Even if you still feel mentally capable to make decisions, your relatives may fear you lack competency if you try to make a POA while under a dementia diagnosis. There is even a chance a court might not honor your estate documents.