Utilizing Powers of Attorney
What Is a Durable Power of Attorney?
A power of attorney gives one person ("agent" or "attorney-in-fact") the power to act on behalf of another person (the "principal"). The power of attorney may give the agent very general powers to deal with a variety of different matters or be limited to a specific transaction or personal area of business such as the execution of a contract, sale or purchase of property, investment, or business transaction. A power of attorney may be considered durable or non-durable. Only a durable power of attorney will be effective even after the principal becomes incapacitated and is unable to manage their affairs, while a non-durable power of attorney will not survive incapacity.
In addition to wills, trusts, and health care surrogates, power of attorneys are integral components to any comprehensive estate planning strategy. Whether you're planning on allowing a trusted individual to act on your behalf for all your business and personal matters in case of an unexpected emergency or just to act for a specific purpose during your lifetime, an experienced attorney can provide you and your family added protection under all circumstances.
Contact our lawyers at Your Advocates for the assistance you need!
Why Is a Durable Power of Attorney Crucial for Everyone?
A life changing event can occur at any time. Once such an event occurs and a person suffers a substantial and traumatic health event, it is too late to plan ahead. At that point, an individual who is unable to manage their own daily affairs will be unable to give that ability to another person. Bills may go unpaid, real estate might go un-managed, investments could suffer, and other daily obligations could be left unchecked.
- Monthly bills
- Medical decisions
- Financial investments
- Guardianship responsibilities
The only way to prevent this occurrence at minimal cost is with a properly drafted power of attorney. A person may make a durable power of attorney that gives any number of powers or abilities to another individual. Most individuals give their powers of attorney broad powers to act on their behalf in all areas of their personal affairs.
Types of Power of Attorney Available
A principal might not always want to give their attorney-in-fact wide ranging powers over all their affairs. In this instance, a power of attorney may still aid individuals who only want to assign certain powers to their agent. Limited powers of attorney are useful to give just certain limited powers to individuals, which include the ability to execute a contract, sell or purchase real property, or participate in a business transaction.
Do you need an attorney from Your Advocates?
Whether you desire a Durable Power of Attorney or a Limited Power of Attorney, an estate planning advocate is needed to make sure your goals are met. Give yourself piece of mind.
Contact our office today for a free consultation. We offer special discounts for AARP members!
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