Durable Power of Attorney
Caring for an aging individual can be taxing emotionally and physically. It is not uncommon for children to need to step in and take over caring for the financial or medical affairs of their parents’ years before they pass away. Durable Power of Attorney are the best tool to do this.
What is the Difference Between a Durable Power of Attorney and a Regular Power of Attorney?
A standard power of attorney grants a specific individual the right to oversee and handle certain matters, usually financial or medical, for another individual. However, this power ends if the person granting the power of attorney ever becomes incapacitated or mentally incompetent.
A durable power of attorney grants an individual power over matters, even if the person who has granted those rights sees a mental decline. It is specifically designed to support Alzheimer’s, dementia, and medical emergencies that can arise in the future.
Power of Attorney and Your Estate
Granting durable power of attorney is intertwined with how your estate is handled in many cases. You can find forms to grant power of attorney easily, but speaking with a lawyer who understands your wishes and the needs of your estate can ensure you get the outcome you desire.
In a general power of attorney, your agent, or the person you grant power of attorney to, will have full financial control that can impact your estate. They can file tax returns, apply for government benefits, manage your accounts and investments, and buy and sell property. Having a general power of attorney that goes into effect in the event that you become incompetent can be a huge stress relief for your family, and it is important to make sure everyone is on the same page.
Contact Us Today to Learn More
If you are interested in learning more about how a durable power of attorney can help you plan for the future or just need some information on how it may affect your estate planning, give us a call. We offer free consultations to ensure everyone we work with is set up for success.