DURABLE POWER OF ATTORNEY. A Power of Attorney is an important documents to have as it allows someone you trust to manage your affairs if you were to become incapacitated. They can handle any facet of your finances, if the need arises. For example, the mortgage or other bills may need to be paid, tax returns may need to be filed – but without the power of attorney, your loved ones cannot access your bills or records to determine what is owed. Perhaps you are in the stock market and your broker needs to sell a stock, but you are unable to assent; your Power of Attorney can act for you. This can also be helpful for couples, who can legally sign for one another, with a Power of Attorney in place. You don’t have to be ill to be unavailable to sign – and, as we all know, life is hectic – you can be traveling, working or otherwise unavailable. A Power of Attorney can be a great tool to help you manage your time and affairs.
The Power of Attorney is “durable” in that it continues the power of attorney relationship beyond the incapacity of the party granting the power. It allows the appointed agent to handle the affairs of the incapacitated grantor without the necessity of going to court to have a guardian or conservator appointed, whic is time consuming and costly. It can also help avoid an otherwise embarrassing determination that a loved one might be wholly incapacitated and in need of protection.
The Power of Attorney ends when the grantor dies, but it can be amended by the grantor or even revoked while the grantor is alive.
Contact one of our experienced attorneys today to learn more about creating a Power of Attorney.