Did you know there are several types of power of attorney? Well, if that’s news to you, it may be surprising to learn that one of the most common types of POA is a durable power of attorney. But what does that mean exactly?
A durable power of attorney is a legal document that gives another person the authority to act on your behalf in the event that you are no longer able to do so. This could be due to incapacity or illness. The person who is granted this authority is known as your “attorney-in-fact” or “agent.”
Having a durable power of attorney is an important part of your estate planning. You may choose to appoint a close family member, such as a spouse or child, as your attorney-in-fact, but this is not always the best decision.
In some cases, it may be better to appoint a professional, such as an attorney or financial advisor. This is especially true if the individual you are appointing will have significant responsibilities, such as managing your finances or making healthcare decisions on your behalf.
While the idea of giving someone else power over your life may seem daunting, there are many benefits to having a durable power of attorney in place. Read on to learn more.
Durable Power of Attorney Benefits
There are many benefits to appointing a durable power of attorney. For starters, a durable POA can provide peace of mind. They can help avoid family conflict and expense delays in probate court. A durable power of attorney also gives you access to someone who will make the decisions you would make.
Peace of Mind
One of the main benefits of a durable power of attorney is the peace of mind it gives. You can rest assured that your affairs will be handled per your wishes if you cannot do so.
If you cannot communicate your wishes, or if you want someone else to make medical decisions on your behalf, a DPOA can help ensure that happens. You can also include instructions in your DPOA about what kind of treatment you want in case you become incapacitated and cannot communicate your desires.
The person you designate as your agent can manage your finances too. If you don’t have another trusted person in place who can assist with this important task, a DPOA makes it possible for someone else to handle financial matters on your behalf, including paying bills, filing taxes and more.
You may not need these powers at once but still want them available when needed. Unlike regular powers of attorney, which must be filed with the court and recorded with the Secretary of State’s office before they have any effect, durable powers do not need to be filed. This makes a Durable POA a great option if you want flexibility and peace of mind.
It helps Avoid Family Conflicts
Another benefit of having a durable POA is avoiding potential conflict among family members or friends who may disagree about handling your affairs.
Your loved ones need to know who can make decisions for you. This type of power of attorney gives them the authority to make those decisions without going through probate court.
In addition, if there’s any doubt about what you want to be done, this type of power of attorney can prevent family members from fighting over your wishes and making things worse than they already are by prolonging the process until a judge decides for them.
Avoid Delays in Probate Court
When considering a durable power of attorney, you want to think about probate court. They can help avoid the expense and delay of probate court proceedings in the event that you become incapacitated.
Although most people say that money isn’t important when it comes to their loved one’s well-being, it can be difficult for them when they have no idea how much money is available or how much money needs to be spent each month on bills and other expenses.
Someone You Can Trust
One last benefit of a durable power of attorney is ensuring that someone you trust will make decisions on your behalf. The alternative is having a court-appointed conservator, which you may not want.
When choosing an attorney-in-fact, it is important to select someone you trust. You want someone with the necessary skills to handle the responsibilities you assign. You should also have a backup plan in case your first choice is unable or unwilling to serve.
How to Find a Durable Power of Attorney
There are a few key steps to take to find the right durable power of attorney for you. First, find an attorney who specializes in estate planning. They will have the knowledge that you need to help you make the best decisions for you and your family.
You also want to find out how much it will cost and how long it will take to complete the paperwork. Lastly, it is essential to read over the documents carefully and make sure they are correct and accurate before signing them.
It is a good idea to look at the reviews and reputation of a durable power of attorney before finalizing your decision. For example, Rhodes Law Firm has an outstanding rating when it comes to its power of attorney services.
Need a Trusted, Durable Power of Attorney?
A durable power of attorney can be a valuable tool in estate planning. By appointing an attorney-in-fact, you can ensure that your affairs will be handled if you become incapacitated. This can provide peace of mind for you and your loved ones and avoid potential conflict among family members or friends.
If you’re looking for a trusted, durable power of attorney that you can depend on, we’re here to help. We’ve helped numerous families with their estate planning, and we can do the same for you. Contact our dedicated team of attorneys to get started today!