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If you become incapacitated, who will make legal
and financial decisions for you?
If you become incapacitated and can't make legal or financial decisions
for yourself, you need to appoint someone you trust to do that for you. This can be done by a document called a
Durable Power of Attorney. The Durable Power of Attorney is a written document that allows someone you select to
make legal and financial decisions on your behalf.
Other than a Last Will and Testament, it is probably one of the most
important documents that you can have. If you don't, you could be faced with an expensive court proceeding to accomplish
this.
What is a Durable Power of Attorney, and how does it work?
- It is a written document that allows someone you select to make legal
and financial decisions on your behalf if you are incompetent or are unable to make those decisions for yourself.
- Other than a will, it is one of the most important documents you can
have.
- When signed, the person must understand the document and the powers
that they are giving someone else. They must also be competent and of sound mind.
- If someone needs nursing home or long-term hospital care and needs to
protect their assets, this document is imperative.
- You appoint an Agent, who is someone you trust, who would be responsible
for handling legal and financial decisions and actions on your behalf. You would typically choose a back up, just
in case the person you appoint cannot handle those matters for you.
- This is a very important document, so the person chosen as your Agent
should be chosen wisely.
- A power of attorney goes into effect when you sign it and ends when
you die or revoke or cancel it. If you cancel the document, this should be done in writing and copies should be
given to anyone or any financial institutions on your behalf.
- Your agent will have the power to sell things on your behalf, buy things
for you, and handle your banking if you are unable to perform on your behalf, your real estate and more. Basically,
they would have the ability to do everything that you currently do yourself.
- This is not a substitute for legal advice.
- If you do not have anyone you trust to handle your legal or financial
affairs, or if you fear your family might fight about your property and finances, you might want to seek legal
counsel prior to executing the document.
- Many states require that the document be witnesses and notarized. Some
states have specific regulations governing execution. However, it is strongly recommended that there are two witnesses,
who attest to your signature, as well as a notary. These people will attest that you understood the document at
the time it was written and that you understood it and were under no undue influence to sign it.
- Although not required in all states, it is strongly recommended that
your Agent also sign, accepting the responsibility as your Agent. Their signature would also be witnessed and notarized.
Make sure you're
protected!
Order the Eldershield Durable Power of Attorney Guide now.
$12.95 each plus $4.95 shipping and handling (and state tax, if applicable)
To order online, use the button below now:
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