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DURABLE POWER OF ATTORNEY
A Power of Attorney is a legally binding document by which you authorize another person to act on your behalf. A Power of Attorney may be as limited or as broad as you choose. A Durable Power of Attorney is a Power of Attorney that continues to be effective in the event of your disability – the very time that a Power of Attorney is needed most! In the event of your physical or mental disability, a Durable Power of Attorney will allow another person you choose, such as your spouse or adult child, to manage your finances on your behalf. Without it, if accident or illness disables you, your loved ones will be required to go to probate court and request that a conservator be appointed for you. It is possible that the person appointed by the probate court to manage your affairs will not be the person you would have chosen of your own free will. A Durable Power of Attorney is the means to ensure that if you become disabled, your finances will continue to be managed by a person in whom you have complete trust.
What Your Agent Can Do
- Sign your checks
- Pay your bills
- Make bank deposits for you
- Sell your property
- Contract for medical and professional services
- Procure insurance for you
- Access and manage your digital assets
- Make decisions regarding your investments
How to Choose an Agent
- Is your chosen Agent organized and good with finances?
- Is your Agent in good financial standing or is there a potential for self-dealing?
- Is your Agent local or, if not, does he or she have the skills to handle finances remotely?
- Is your Agent willing to do this for you?
Naming More than one Agent
You can name Co-Agents where either one of them alone has the authority to act, or where they must act together, to make financial decisions. You should also name Successor Agents who will act if your agent becomes unavailable or unwilling to act on your behalf.
What are the Agent's Duties?
Why do I Need a Durable Power of Attorney if My Spouse and I Own Everything Jointly?
“Karen, we really, really appreciate you! The better the planning we do, the luckier we have been, which is why I brought Aunt Betty to you 14 years ago, and we have sought your advice throughout. She is at peace knowing she doesn't need to worry about managing estate-related choices in her final days.“
“Thanks for taking such good care of us and making it easy to ask questions. I appreciate not being made to feel stupid for asking questions. It was a lovely gift at a tough time.“
Top qualities: Personable, Good Value, On Time
Rating: 5.0 out of 5.0
Rating: 5.0 out of 5.0