This was a question asked when I spoke at the Rotary meeting. The person asking was younger than most of the members, so perhaps they thought a Power of Attorney was for “old people.” I explained that a Power of Attorney is a document that allows someone to pay bills, do banking, and manage your finances when you are either unable or too busy. I told them that when I was younger, I prepared many Powers of Attorney for military members leaving to serve. (My former boss and landlord was a reserve colonel in the Marine Corps.) They needed someone to help them when they were away.
I told him that everyone needs a Power of Attorney and a Trust that plans for “What if I become disabled?” It can happen to anyone at any time. You are six times more likely to become disabled than to die this year. A head injury can render you temporarily or permanently unable to take care of your finances. Strokes happen at any age.
Having a plan for this will keep you out of living probate, where your family has to obtain a conservatorship so they can act on your behalf.
