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

Unsworth LaPlante, PLLC

Vermont Estate Planning Attorneys

Vermont: (802) 879-7133

Attend A Free Workshop
  • Home
  • Our Firm
    • About Our Firm
    • Meet Our Team
    • What to Expect When Working with Us
  • Services
    • Estate Planning
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Medicaid Planning & Elder Law
    • Pet Planning
    • Special Needs Planning
    • Trust Administration
    • Young Families Planning
  • Resources
    • Articles
    • Elder Law Reports
    • Elder Law Resources
      • Burlington
      • Montpelier
      • Rutland
      • St. Johnsbury
      • White River Junction
    • Estate And Gift Tax Figures
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Elder Law
      • Estate and Gift Tax
      • Estate Planning
      • Estate Planning for Blended Families
      • Estate Planning for Parents
      • FAQs for Families Without an Estate Plan
      • Incapacity Planning
      • In-Home Elder Care FAQs
      • IRA & Retirement Planning
      • Gift, Estate, and Inheritance Taxes
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Medicaid
      • Philanthropy and Estate Planning
      • Planning for Long-Term Care
      • Pet Planning
      • Revocable Living Trust FAQs
      • Special Needs Planning
      • Trust Administration
      • Trusts
      • Wills
    • Is Your Estate Plan Outdated?
    • Medicaid Resources
      • Medicaid Analysis Worksheet
      • Medicaid Guide
      • Vermont Medicaid
    • Newsletters
    • Presentations
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
    • SECURE Act
    • Top Estate Planning Techniques
  • Webinars/Seminars
  • Reviews
    • Our Reviews
    • Review Us
  • BLOG
  • Contact
Home » Why Is a Power of Attorney Part of an Estate Plan?

Why Is a Power of Attorney Part of an Estate Plan?

September 28, 2020 by Wendy S. Hillmuth

power of attorneyMost people are aware of the fact that a power of attorney is a document that you can use to give someone else the power to act on your behalf in a legally binding manner. On the surface, it may seem as though a power of attorney would have no place in an estate plan, but this is really not the case.

A well-constructed estate plan will center around the events that will take place after your passing, and the facilitation of asset distributions will be at the core. This being stated, it is also important to consider the events that may occur toward the end of your life.

We help people brace themselves for the eventualities of aging so that they can be comprehensively prepared. This is why powers of attorney can and should be part of your estate plan.

Incapacity Among Elders

To fully understand the importance of this facet of an estate plan, you have to digest some aging statistics. There is a tool on the Social Security Administration website that you can use to find out a person’s life expectancy based on his or her age.

If you were to use this calculator to measure the life expectancy of a man who is turning 67 today, the number would be 85 years, and it would be 87 for a woman. When you wrap your head around the fact that you are likely to become an octogenarian if you live long enough to collect Social Security, you can see that incapacity is a very real possibility.

There are other causes of incapacity, but Alzheimer’s disease alone is enough to get your attention. It strikes about one third of people who are in this age group. People with Alzheimer’s induced dementia are going to become unable to make sound medical and financial decisions at some point in time.

Guardianship Proceedings

What would happen if you were to become incapacitated late in your life without executing any documents in advance to prepare for these circumstances? The answer is that the state would be petitioned to appoint a guardian to act on your behalf, and you would become a ward.

This is disconcerting in a general sense, and there are tangible drawbacks to consider. One of them is the fact that people in your family may not agree with regard to the right choice of a guardian.

Secondly, the person who is ultimately empowered by the court may not be someone who you would have selected yourself. Lastly, it can potentially be a time-consuming process, and the need for a decision maker can be immediate.

Durable Powers of Attorney

You can take the matter into your own hands and prevent a guardianship if you include durable powers of attorney within your broader estate plan. It should be noted that the “durable” designation is quite relevant. A power of attorney that is not durable would no longer be in effect upon the incapacitation of the grantor, but a durable power of attorney would remain active.

There is a hybrid form of the device called a springing durable power of attorney. This type of power of attorney would only go into effect if the grantor was to suffer from incapacity at some point in time.

If you do become unable to handle your affairs, there will be medical decisions that must be made, along with financial decisions. To account for this, you can execute a durable power of attorney for property along with a durable power of attorney for health care.

You do not have to name the same agent to act as the attorney-in-fact in both documents, but you can if you choose to do so.

We Are Here to Help!

An estate planning attorney from our firm would be more than glad to help you put a custom crafted estate plan in place that ideally suits your needs. We can also be called upon to review and potentially update your existing plan if you have not looked at it in years.

To set the wheels in motion, you can reach our Vermont office at 802-879-7133, and you can alternately send us a message through the contact form on this website.

 

  • Author
  • Recent Posts
Wendy S. Hillmuth
Latest posts by Wendy S. Hillmuth (see all)
  • What You Need to Know about Elder Abuse - December 19, 2022
  • Do I Need an Estate Plan If I’m Single Without Children? - October 11, 2022
  • Trust Creation Mistakes to Avoid - September 22, 2022

Filed Under: Incapacity Planning Tagged With: incapacity planning, durable power of attorney

Other Articles You May Find Useful

incapacity planning
Prepare for Incapacity to Prevent a Guardianship
guardianship
Is There a Way to Prevent a Guardianship?
advance directives for health care
Don’t Overlook Advance Directives for Health Care
senior
Census Report: Burlington Senior Population Exceeds National Average
power of attorney
How Is a Power of Attorney Used in Estate Planning?
incapacity planning
Incapacity Planning Is a Must

Primary Sidebar

Elder Law and Medicaid Planning Attorneys

Unsworth LaPlante, PLC

DOWNLOAD OUR 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.

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

Follow Us

  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube

Blog Subscription

Sign up to Unsworth LaPlante's estate planning blog to receive all the latest news and updates.

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

Essex Junction, VT

26 Railroad Ave
Essex Junction, VT 05452
United States (US)
Phone: (802) 879-7133
Fax: (802) 879-0408

Map

unsworth_sidbr_map

Office Hours

Monday8:00 AM - 4:00 PM
Tuesday8:00 AM - 4:00 PM
Wednesday8:00 AM - 4:00 PM
Thursday8:00 AM - 4:00 PM

Footer

footer-logo
  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube

The information on this Vermont Attorneys & Lawyers / Law Firm 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. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

American Academy of Estate Planning Attorneys, Inc. Privacy Policy | Contact Us | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys

© 2023 American Academy of Estate Planning Attorneys, Inc.