The Importance of Using Power of Attorney to Protect Yourself, Your Business, and Your Loved Ones

I recently discussed the importance of using a power of attorney to protect yourself, your business, and your loved ones. Without a power of attorney, no one – not your spouse, parent, or adult child – has an automatic right to your medical records or can make medical or financial decisions. Your business partner has no automatic right to make business decisions on your behalf.

What happens if you will be in the hospital for an extended stay and your business needs to pay its employees or sign a contract for a vendor? Who is best suited to make these decisions on behalf of a business owner? As a society, we do not like to discuss the possibility of losing control of our own decisions. However, failing to carefully plan could leave the decisions in the hands of someone you would never have considered and who knows nothing about the day-to-day affairs of the business.

Read the full article here: Protecting Yourself, Your Business, and Your Loved Ones: Power of Attorney

Posted by Attorney Tabitha L. Atwell. Atwell focuses her practice on estate and tax planning, probate, and trust administration. As an attorney, Tabitha assists both families and individuals with proactively planning for incapacity, individuals with Alzheimer’s disease and other forms of dementia, and individuals with disabilities.

Published in the January 2023 St. Louis Small Business Monthly.

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