Protecting Your Rights With a Durable Power of Attorney
An extremely helpful document for many families is a Durable Power of Attorney for Management of Finances and Assets. This legal document allows you to appoint an “agent” or an “attorney in fact” to act for you should you ever become incapacitated. The agent or attorney in fact that you name can do anything you could have done if you were not incapacitated; such as pay your bills, file tax returns for you, handle your bank accounts and investments, and collect money for you.
D Durable Powers of Attorney are either “immediate” or “springing”. Under a springing power of attorney, the agent's authority to act only becomes effective when your incapacity is certified by a licensed physician.
Assurance
Executing a Durable Power of Attorney for Management of your assets and finances gives you the assurance that your agent will speak for you and protect your property rights when you are unable to so for yourself due to incapacity.
Coordination With Other Estate Planning Documents
Because Durable Powers of Attorney that you execute expire when you pass away, it is critical to coordinate the use of the Durable Power of Attorney with a Will and/or a Family Trust.
Planning for Incapacity
Incapacity Planning also includes drawing up Advance Health Care Directives, and Durable Powers of Attorney for Health Care Decisions.
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