Durable Power of Attorney

The good news is that we are living longer. The bad news is that there are circumstances where medical science may be able to keep us alive but not allow us to manage our affairs. If this happens to you, you will need someone to act in your place.

If you have not appointed such a person while you are competent, a court may appoint someone for you: this is called a Guardianship proceeding. Guardianship proceedings are expensive, time consuming and put the court in charge of appointing someone to manage your affairs. If you wish to control your own financial destiny and possibly avoid the expense and nuisance of a guardianship proceeding, you should have a Durable Power of Attorney.

With a Durable Power of Attorney, you appoint someone you trust to manage your financial affairs should you be unable to do so. If you prefer, you can use a Living Trust in combination with a Durable Power of Attorney to give you the added advantages of a coherent plan and the recognition accorded to Living Trusts by financial institutions.

You can only sign a durable power of attorney when you are competent. To put it another way, you should have one in place before the onset of illness or disability. A Durable Power Of Attorney is an inexpensive way to control your financial destiny and may protect your family from the cost and delay of a guardianship proceeding.

Like any other estate planning document, it is a good idea to have a professional help in the drafting process. An attorney who is familiar with this area of the law will be able to customize your Durable Power Of Attorney to meet your individual needs.