Why Everyone Needs a Power of Attorney

Most people don’t wake up and think, You know what I need today? A Power of Attorney. But maybe they should.

A Power of Attorney (POA) isn’t just for the elderly, the wealthy, or those with complicated estates. It’s for anyone who wants to avoid expensive court proceedings, keep control over their affairs, and prevent family headaches down the line. That means you. Yes, even you, college students. Let’s talk about why.

Losing Capacity Happens—And Not Just to Other People

People assume they’ll always be in control of their own finances, medical decisions, and legal affairs. But accidents, illnesses, and unexpected events have a way of proving otherwise. If you lose the ability to make decisions—temporarily or permanently—who steps in?

Without a POA, your loved ones may have to go through guardianship proceedings, which are expensive, slow, and require a judge to appoint someone to manage your affairs. That’s right—if you don’t plan ahead, a court decides who handles your finances and medical care. A POA avoids that by letting you pick the person in advance.

It’s Cheap Now—Expensive Later

Drafting a POA is simple and relatively inexpensive. Guardianship, on the other hand, is anything but. Hiring attorneys, filing court petitions, and undergoing medical evaluations? That can cost thousands of dollars, not to mention months (or years) of legal hassle.

A properly executed POA allows your chosen agent to step in immediately if needed, whether that means paying bills, managing accounts, or making medical decisions. Plus, you can modify or revoke it anytime—so you’re not locked into anything forever.

You’re Adults (But Your Parents Can’t Help You)

The moment you turn 18, congratulations! You’re legally an adult. But that also means your parents lose automatic access to your medical records, bank accounts, and school information.

So, what happens if you’re away at college and need someone to handle a financial issue for you? Or worse—if you have a medical emergency? Without a POA, even your parents can’t step in without legal intervention. A financial POA allows someone to help with your banking or bills, while a healthcare POA lets a trusted person make medical decisions on your behalf.

Not all POAs are the same. Depending on your needs, you might need one (or more) of these:

• General (Financial) Power of Attorney – Gives your agent broad authority to handle finances, pay bills, manage assets, and sign contracts.

• Durable Power of Attorney – Stays in effect if you become incapacitated, allowing someone to handle your affairs without court involvement.

• Limited Power of Attorney – Used for specific tasks, like signing paperwork while you’re out of the country.

• Healthcare Power of Attorney (Health Care Proxy) – Lets someone make medical decisions on your behalf if you’re unable to do so.

Most adults should have at least a durable financial POA and a healthcare POA—even if they think they won’t need them anytime soon.

The Bottom Line

No one likes thinking about worst-case scenarios, but planning ahead makes life easier for you and your loved ones. A Power of Attorney ensures that if something happens, the right person—not a judge, not a stranger—handles your affairs.

At Bolster Bruder Elias, LLC, we make estate planning practical, not overwhelming. Call us at 609-655-3200, and let’s make sure you have the right documents in place—before you actually need them.