Having a durable power of attorney is a critical component of incapacity planning. Virtually every adult should have one on file because anyone at any age can suffer a life-altering accident that leaves them incapacitated. If this does happen and you don’t have a durable power of attorney in place, you will force your family and loved ones to enter into a legal process for guardianship—which can be expensive and time-consuming. After an accident, you not only need someone to advocate on your behalf, but you need to ensure they have the means to do so.
Once you learn about how vital these documents are, you will be hard-pressed to live without one. Furthermore, don’t make the mistake of opting to download a DIY power of attorney document. Having an attorney is your means of knowing that it is done correctly. Without this, you will not have the confidence and peace of mind that comes with proper estate planning. For example, if you have a power of attorney, it does not grant someone the authority to make decisions on your behalf if you become incapacitated. A durable power of attorney, however, does.
What a Durable Power Does Do
It isn’t an exaggeration that a durable power of attorney is one of the most essential documents in your estate plan. It gives someone else the authority to make financial and medical decisions for you. Additionally, it is effective as soon as it is signed. Before 2011, you could have a springing power of attorney. It was named that because it “sprung” into effect upon incapacitation as opposed to it being signed. If you created an estate plan before 2011, you need to update it because these documents are no longer valid.
Don’t Make This Common Mistake
Although a durable power of attorney is a critical document to have, it is not an all-encompassing estate planning tool. For instance, imagine that your aging mother has an attorney draft her a durable power of attorney. You become the agent or the attorney-in-fact, enabling you to manage her finances, pay her bills, and buy things using her money. If she ever becomes incapacitated, you can speak to the doctors and advocate for her to receive the type of treatment in accordance with her wishes.
Though a durable power of attorney grants you a significant amount of ability to care for your mother, it ends if she passes away. All the power you had is no longer applicable. People who assume a durable power of attorney is an end-all may not have a will or a trust. This leaves the previous attorney-in-fact powerless.
Don’t Live Another Day Without an Estate Plan
A significant amount of estate planning centers on knowing that someone will be there to take care of you if you are incapacitated or pass away. Those who land under the false assumption that they don’t have enough assets to warrant an estate plan will never reap the benefits of creating documents such as a durable power of attorney. Decide to start today. Contact ElDeiry & ElDeiry, P.A., to schedule your consultation today.
Having a durable power of attorney is a critical component of incapacity planning. Virtually every adult should have one on file because anyone at any age can suffer a life-altering accident that leaves them incapacitated. If this does happen and you don’t have a durable power of attorney in place, you will force your family and loved ones to enter into a legal process for guardianship—which can be expensive and time-consuming. After an accident, you not only need someone to advocate on your behalf, but you need to ensure they have the means to do so.
Once you learn about how vital these documents are, you will be hard-pressed to live without one. Furthermore, don’t make the mistake of opting to download a DIY power of attorney document. Having an attorney is your means of knowing that it is done correctly. Without this, you will not have the confidence and peace of mind that comes with proper estate planning. For example, if you have a power of attorney, it does not grant someone the authority to make decisions on your behalf if you become incapacitated. A durable power of attorney, however, does.
What a Durable Power Does Do
It isn’t an exaggeration that a durable power of attorney is one of the most essential documents in your estate plan. It gives someone else the authority to make financial and medical decisions for you. Additionally, it is effective as soon as it is signed. Before 2011, you could have a springing power of attorney. It was named that because it “sprung” into effect upon incapacitation as opposed to it being signed. If you created an estate plan before 2011, you need to update it because these documents are no longer valid.
Don’t Make This Common Mistake
Although a durable power of attorney is a critical document to have, it is not an all-encompassing estate planning tool. For instance, imagine that your aging mother has an attorney draft her a durable power of attorney. You become the agent or the attorney-in-fact, enabling you to manage her finances, pay her bills, and buy things using her money. If she ever becomes incapacitated, you can speak to the doctors and advocate for her to receive the type of treatment in accordance with her wishes.
Though a durable power of attorney grants you a significant amount of ability to care for your mother, it ends if she passes away. All the power you had is no longer applicable. People who assume a durable power of attorney is an end-all may not have a will or a trust. This leaves the previous attorney-in-fact powerless.
Don’t Live Another Day Without an Estate Plan
A significant amount of estate planning centers on knowing that someone will be there to take care of you if you are incapacitated or pass away. Those who land under the false assumption that they don’t have enough assets to warrant an estate plan will never reap the benefits of creating documents such as a durable power of attorney. Decide to start today. Contact ElDeiry & ElDeiry, P.A., to schedule your consultation today.
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