Have you ever wondered what would happen if you were incapacitated and could no longer make coherent decisions regarding things like your finances and your healthcare? This concern is on the minds of many, and luckily there’s an estate planning tool that can help you. By creating a durable power of attorney, you can rest assured that if you are incapacitated, your affairs will be in trusted hands.
A power of attorney is a document in which one person, called the “principal,” grants authority over his or her affairs to a trusted individual, called the “agent.” With a healthcare power of attorney, they grant decision making power over medical matters. With a financial power of attorney, they grant decision making power over their financial affairs. With a limited power of attorney, the principal can pick and choose what authority they grant their agent.
Powers of attorney have a lot of uses. For example, if you are traveling abroad for an extended period of time and want to have a family member sell property on your behalf while you are gone, you could create a power of attorney for this purpose. Regular powers of attorney come to an end at the expiration date set when they are created, when revoked by the principal, or if the principal becomes incapacitated. Durable powers of attorney, on the other hand, do not become invalid when the the principal is incapacitated and will continue on past this point.
At Pence Law Firm, we believe that everyone needs a durable power of attorney in place for emergencies. For example, many 18-year-olds and their families do not realize that since they’re a legal adult, their parents would not be allowed to make decisions about their care if, for instance, they were in an accident that left them in a coma or otherwise rendered unconscious and incapacitated.
Who can help?
If you are ready to create a durable power of attorney, you will need the guidance of an experienced estate planning attorney. Attorney Kathleen Pence has the knowledge and experience to help you make sure your durable power of attorney is legally binding and functions exactly as you intend for it to. We encourage you to contact us today to get started, for your own peace of mind and that of your loved ones!