Have you thought about preparing a power of attorney document to give a family member or friend power to handle your financial affairs if you are unable to do so because of a disability?

Almost all of us have thought about the need to do advance medical directives because of the Terri Schiavo case. But have you thought about the need to prepare a power of attorney document, too, giving a trusted family member or friend the power to handle your financial affairs if you are unable to do so yourself because of a disability?

Both Maryland and the District of Columbia have statutory forms that are available free of charge online or at any library that has copies of state statutes.

Most estates and trusts practitioners recommend that you retain an attorney to customize such a document for you, however.

What items are left out of the statutory forms? Medicaid planning powers, powers to handle your tax deferred accounts, specific reference to your real property, to name just a few.

But a statutory form is better than no form at all because otherwise your loved ones will need to engage in the costly and time consuming effort of having a guardian or conservator named for you. This is a process that you really want to avoid.