You have most likely put a lot of thought and effort over the years into protecting your hard-earned money so it will be there when you need it. It only makes sense to put as much thought and effort into selecting someone who will follow through on your financial plan should you become unable to do so. A General Durable Power of Attorney is a document that names a person (your Attorney-in-Fact) to manage your financial affairs. It does not take away your authority as long as you are capable of making decisions.
We can help you protect your personal financial interests by preparing a General Durable Power of Attorney for financial decisions, which benefits you by:
- Avoiding a court-appointed Guardian should you become incapacitated
- Handling general financial matters such as mortgages or other payments
- Administering yearly tax filings (both state and federal)
- Maintaining all bank accounts
- Making payments to Long-Term Care facilities or in-home caregivers
- Selling assets as necessary to fulfill debts or other financial obligations
Because your Attorney-in-Fact has the authority to handle your financial decisions if you cannot, this person should be someone you trust implicitly to follow your wishes. You should talk with the person you want to name as your Attorney-in-Fact to ensure he or she understands your wishes concerning financial decisions.
While everyone hopes they will never need someone to act on their behalf through a Durable Power of Attorney, it is an essential Estate Planning document. If you become incapacitated and cannot manage your financial affairs, the court will appoint a Guardian if you do not have an effective Durable Power of Attorney. The guardianship process is time-consuming, public and expensive, and may be easily avoided with a Durable Power of Attorney.