What is a Durable Power of Attorney and Do I Need One?

Creating a Power of Attorney makes certain that someone you trust (usually called your agent or attorney-in-fact) will be available to manage your financial affairs should you become incapacitated.    For example, should you suffer an injury that forces you into an extended hospital stay, or your health deteriorates due to age.  As we all know, the bills must still be paid, the mail checked, and the pets taken care of.  In most cases, a durable power of attorney for finances is the best way to handle these daily chores.

If you have not created a Power of Attorney and become incapacitated, it will be necessary for your loved ones to initiate long Court proceedings to have the Court determine if you are in fact incapacitated.  While this is a normal everyday occurrence, it is time consuming and can be an expense that you avoid by creating a Power of Attorney.

Although many people believe that their spouse can handle their affairs, this is a common mistake.  Simply because two people are married does not mean that the spouse has any right to manage the affairs of the other.  By providing your spouse with Power of Attorney, it assures that he/she will be able to handle your affairs should you become incapacitated.

Posted on:
October 2nd, 2013

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Category:
Elder Law | Family Law Services