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Case Study: How prepared are you to deal with an unexpected accident or illness? A power of attorney (POA) is a vital estate planning document to have for many reasons. No one expects the unexpected to occur. Being prepared for an unfortunate event like an illness or accident by filling out a power of attorney sample can save unnecessary hardship and expenses for your loved ones in an already stressful situation. It can allow your bills to be paid, contracts to be signed, joint accounts to be accessed, and business affairs to continue without interruption. If you become incapacitated and don't have an appointed agent, then court involvement will be required. Court proceedings to appoint a guardian cost thousands of dollars. A power of attorney may also simply allow you to delegate tasks to others when it's more convenient or appropriate to do so.
A power of attorney can be general or limited, durable or nondurable, and can be effective for a limited time or take effect at a time or specified event in the future.
Sample Power of Attorney document: Week 1 - Exercise_1_Power_of_Attorney.docDownload Week 1 - Exercise_1_Power_of_Attorney.doc
Questions: Answer the following question(s) and discuss among each other the best practices with respect to POA's.
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