Important Points About A Durable Power of Attorney

Creating a durable power of attorney is a good way to ensure that your wishes are followed in case you are unable to make them yourself. This document will allow you to choose an agent who will make important decisions in your place. The agent can also make decisions about your finances and your health.

One of the most important points about a durable power of attorney is that it remains in effect even when the principal becomes incapacitated. This is useful in the case of a car accident or other medical emergency, but it is also beneficial for younger people with disabilities.

A durable power of attorney can give an agent authority to make financial decisions, such as purchasing a house or hiring professionals, regardless of the principal’s condition.

It is also important to choose an agent wisely. This person should be well-informed and ready to serve. This person should also be willing to do what’s necessary to keep the principal’s finances in order. This may include making gifts to charities that are consistent with the principal’s giving patterns.

It is also important to select a power of attorney that is best suited to your specific situation. For example, if you have two children and each is managing an investment account, you may find that you are in a bind when one of them becomes incapacitated. Using a durable power of attorney can help you avoid the hassles of court proceedings. It can also help prevent your children from becoming a liability.

The most important thing to remember is that the power of attorney must be given to a person you trust. This can be a spouse, child, or another trusted relative. The person you choose will also need to be physically fit and in good health to serve as your agent.

A durable power of attorney may also be a good idea if you plan on traveling abroad. This will ensure that you aren’t left in the lurch in case of an accident. Another important point about a durable power of attorney is that you can give more than one agent the power of attorney. You can also name a successor agent who will act on your behalf in case the first agent is unable to do so.

The best part about a durable power of attorney is that the document is easily updated if necessary. There are a number of online and self-help products on the market that can help you create a durable power of attorney. You can also consult with a qualified estate planning lawyer if you need assistance.

The most important point about a durable power of attorney — as with most things — is that it is important to choose the right agent. This person will be responsible for making important decisions for you and your loved ones. The powers of attorney you use must be well-thought-out to avoid legal issues and potential financial loss. The wrong agent can cause you problems and even create an intra-family feud.

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Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.

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