What Is A Durable Power of Attorney?
A Durable Power Of Attorney gives authority to another person and allows them to make legal and financial decisions on your behalf. They would typically make those decisions if you become mentally incompetent as a result of an illness or some other factor. Don’t let the name fool you, it’s not a requirement that the person you select to be an actual attorney. People often choose their spouse, a child, a close friend or sibling as their attorney-in-fact. I always recommend that you also name at least one additional person called the attorney-in-fact to serve in case your first choice becomes disabled or dies. It is critically important that the person or persons you choose are willing to step up should the time come.
What Does A Durable Power Of Attorney Do For Me?
Your Durable Power of Attorney allows you specify how broad or limited their power and decision making will be. You might give full rights to buy property, invest, engage in tax planning and even plan for benefits you might be eligible to receive from the government. Speak with your actual attorney and finding out more about those powers you should grant to your attorney-in-fact is a wise move.
What advantages Do I Gain With A Durable Power Of Attorney?
Some people go so far as to have joint financial accounts with their attorney-in-fact and we can advise you on the actual structure and what rights are granted when. The advantage of the Durable POA is the person you selected is only allowed to use your assets for your benefits. The Durable POA allows for the transfer of decision-making power without affecting the estate plan you have in place. That means that if you have a joint bank account, those funds will automatically be transferred to the joint tenant at the time of your death. Also, your attorney-in-fact loses all control at the time of your death and any assets they have control over become a part of your estate.
Why Would I Want A Health Care Proxy?
A Health Care Proxy can be a critical document to have on file. This is a legal document granting someone you choose the right to make health care decisions for you and on your behalf should you become unable to do so. They can make decisions if you are temporarily unconscious, in a coma or for some other reason can’t communicate your wishes. For them to make decisions for you your doctor must first determine that you are unable to make decisions on your own. Whomever you appoint will have the right to make the health decisions you would typically make and has access to all pertinent confidential information regarding your health.
Planning Documents and their creation is client specific and one size does not fit all. For this reason and many others you need an experienced professional to help you evaluate your needs and then create a plan to accomplish your goal. The Professionals at Quinton Miller Law have the experience and expertise you should demand when it comes to your Trust and Estate requirements. We know the questions to ask and will help you accomplish the goals you seek. Call our office at 916-714-1717 or ask visit us at www.quintonlaw.com We Can Help!