• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

The Potter Law Firm

North Carolina and Kentucky Estate Planning Attorneys

phone iconNC (704) 944-3245
KY (606) 324-5516
Attend A Free Seminar - KY Attend A Free Webinar - NC/SC THIS IS AN ADVERTISEMENT

  • Home
  • About Us
    • About Our Firm
    • Attorney and Staff Profiles
  • Practice Areas
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • Pet Planning
    • Probate
    • SECURE Act
    • Special Needs Planning
    • Trust Administration
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Nursing Home Planning
    • Veterans Benefits
  • Communities We Serve
    • Kentucky
      • Boyd County
        • Ashland
        • Florence
      • Kenton County
        • Covington
        • Fort Mitchell
        • Independence
    • North Carolina
      • Mecklenburg County
        • Charlotte
        • Davidson
        • Huntersville
  • Resources
    • Definitions
    • DocuBank
    • Elder Law
      • Elder Law Links
      • Elder Law Reports
      • Local Elder Law Resources
        • Ashland Elder Resources
        • Covington Senior Resources
        • Huntersville Elder Law Resources
        • Independence Senior Resources
    • Elder Law Reports
    • Emergency Legal Documents
    • Free Estate Planning Seminars
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Estate Planning
      • Frequently Asked Questions for Families Without an Estate Plan
      • IRA & Retirement Planning
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Medicaid
      • Pet Planning
      • Trust Administration & Probate
    • Is Your Estate Plan Outdated?
    • Kentucky Probate Resources
      • Ashland, Kentucky Probate Resources
    • Newsletters
    • North Carolina Probate Resources
      • Huntersville, NC Probate Resources
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Elder Law Reports
      • Estate Planning for Niches
      • Trust Administration
  • Contact Us
  • BLOG
Home » Power of Attorney » Ashland Estate Planning Attorneys Explain the Benefits of a Power of Attorney

Ashland Estate Planning Attorneys Explain the Benefits of a Power of Attorney

May 31, 2018 by John Potter

Ashland estate planning lawyersAs our Ashland estate planning lawyers can explain to you the many benefits of a well executed power of attorney. Creating a power of attorney allows you to select the person you want to take control of and manage your property and affairs in case you become incapacitated in the future.  This is one of many reasons a power of attorney is included as part of a comprehensive estate plan. Even if your incapacity is only temporary, a power of attorney can still be very useful. The thing to remember is that designating your power of attorney as “durable” means that it will remain effective after your incapacity, where otherwise it would not.

How a power of attorney basically works

By creating a power of attorney, you have the opportunity to appoint an agent whom you have selected to make decisions on your behalf.  That person will have the authority to manage your affairs, as you specify.  That means you can grant your agent the type of authority you choose, either limited or broad. A durable power of attorney can be set up to only become effective in the event of incapacity.

Most often, a power of attorney is created to allow someone to control your health care decisions, your financial matters or both. If the power of attorney is limited in nature, then your chosen agent will only have the power to handle the specific matters you identify in the language of the power of attorney document.

Examples of what a power of attorney can do

There are many different goals that can be met with a power of attorney. You can use a durable power of attorney in order to allow a business partner access to business assets for specific business- related reasons. You can also authorize someone to take over management of rental property temporarily, such as when you need to be out of the country for an extended period of time.

One great advantage is selecting your agent now

Some people fail to recognize the real benefit of having the ability to select your own agent. Someone who knows what your wishes are and will execute them with your best interest at heart. What people tend to overlook is the fact that, if you have not chosen someone to be your agent, then a judge will make that choice on your behalf if you become incapacitated. As personal as your financial and health care issues are, it can be a great advantage being able to choose your own agent.

Things to consider when selecting your agent

There are a few things you can consider when you are deciding who you should appoint as your agent with a power of attorney. Some factors to consider are the values and characteristics of your family and friends. That way, you can decide who would be better trusted to handle your personal affairs when the time comes. After you have established your durable power of attorney, your agent can begin making decisions on your behalf as soon as necessary. If you have questions, talk to our Ashland estate planning lawyers.

A power of attorney gives you the chance to explain your wishes ahead of time

Another important advantage is that a power of attorney gives you the opportunity to explain your expectations to your family and friends, and especially your agent, while you still can.  This can be a very important advantage for most people and a comfort to your loved ones.

By planning ahead, you can help avoid family disputes

With a power of attorney, you have a greater chance of avoiding confusion and disputes among your family about how your personal matters should be managed.  If you carefully draft your power of attorney document, then many of the disputes that would otherwise arise, can be avoided, such as how to handle your financial affairs or make your health care decisions.

No one wants to see their family and friends disagreeing about how to handle their medical treatment or finances if they become incapacitated for some reason.  If you already have someone lined up to become your agent you will be more likely to avoid those disputes in the future.

Be sure to discuss your needs with an estate planning attorney

In order to properly create a durable power of attorney, one that will meet your goals, you should seek the assistance of an estate planning attorney. If the right steps are taken, you can protect your assets while establishing the management of your financial and health care matters for the future. By using an estate planning attorney, you can consider including gifting provisions and other devices that can provide beneficial asset protection.

Join us for a free seminar today! If you have questions regarding a power of attorney or any other estate planning matters, please contact the experienced attorneys at The Potter Law Firm for a consultation. You can contact us either online or by calling us at (704) 944-3245 or for individuals in Kentucky at (606) 324-5516 (Ashland, KY) or at (859) 372-6655 (Florence, KY).

  • Author
  • Recent Posts
John Potter
Latest posts by John Potter (see all)
  • What You Need to Know about the Medicaid Look-Back Rule - January 3, 2023
  • How to Pass Down Your Legacy in Your Estate Plan - October 3, 2022
  • Practical Steps to Take after Receiving a Terminal Diagnosis - September 30, 2022

Filed Under: Power of Attorney

Other Articles You May Find Useful

The Potter Law Firm
Video – Charlotte Estate Planning Attorney Discusses a General Power of Attorney
The Potter Law Firm
Powers of Attorney in Ashland: What Is the Difference Between a General and a Limited Power of Attorney?
The Potter Law Firm
Who Can Act as an Agent Under a Power of Attorney?
The Potter Law Firm
When Does a Power of Attorney Go Into Effect?
The Potter Law Firm
Durable Power of Attorney for Property in Charlotte: What Are Its Advantages?
The Potter Law Firm
Who Can Create a Power of Attorney in Charlotte NC?

Free Estate Planning Worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.
Texting Permission

Follow Us

  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

Subscribe to Our Blog

  • This field is for validation purposes and should be left unchanged.

Testimonials

default image

Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.

DKS & KMS Client Review August 28, 2020

default image

John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.

David J. Client Review August 28, 2020

default image

My husband and I selected Ms. Potter to assist with our small business. She responsive and attentive every time I have a question or need assistance, and is extremely knowledgeable and able to answer any legal question I have had. I know I can count on Ms. Potter for all of my business legal needs and I would highly recommend her to anyone needing legal assistance with such.

Jillian Client Review August 28, 2020

<< Prev
Next >>

Where We Are

Ashland

ASHLAND
1620 Carter Avenue
Ashland, KY 41101-7631
Phone: (606) 324-5516
Fax: (606) 324-4766

Charlotte

CHARLOTTE
15720 Brixham Hill Avenue
Suite 300,
Charlotte, NC 28277
Phone: (704) 944-3245

Huntersville

HUNTERSVILLE
11330 Vanstory Drive
Huntersville, NC 28078
Phone: (704) 944-3245

Northern Kentucky

NORTHERN KENTUCKY
7310 Turfway Road
Suite 550,
Florence, KY 41042
Phone: (859) 372-6655

Office Hours

Monday8:30 AM - 4:30 PM
Tuesday8:30 AM - 4:30 PM
Wednesday8:30 AM - 4:30 PM
Thursday8:30 AM - 4:30 PM
Friday8:30 AM - 3:00 PM

Map/Location

potter_sidbr_map
potter law logo
  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

The information on this website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. The information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

Privacy Policy | Terms of Service | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys

© 2023 American Academy of Estate Planning Attorneys, Inc. THIS IS AN ADVERTISEMENT