A Durable Power of Attorney is one of the important documents to have in your estate planning package.
A Durable Power of Attorney is a legal document in which you appoint someone else to act on your behalf in the event that you become incapacitated or otherwise unable to make your own decisions. The person you appoint is known as your “attorney-in-fact” or “agent.”
There are several reasons why you might want to sign a Durable Power of Attorney:
- To ensure that your affairs will be managed by someone you trust if you become incapacitated.
- To avoid the need for a guardianship or conservatorship proceeding, which can be costly and time-consuming.
- To give your attorney-in-fact the authority to make decisions on your behalf, such as paying your bills, managing your investments, or making medical decisions.
- To have peace of mind knowing that your affairs will be handled in the way you want if you are unable to do so yourself.
It is important to choose your attorney-in-fact carefully, as you are giving them a significant amount of authority to act on your behalf. It is a good idea to discuss your decision with the person you are considering appointing, and to discuss your wishes and expectations with them before signing the power of attorney.
* As always, I am not an attorney and cannot offer legal advice but will be happy to refer you to an attorney upon request.
