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Durable Power Of Attorney For Finances

Who Might Need A Durable Power of Attorney?

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Everyone should consider having a Durable Power of Attorney "just in case." A diagnosis of a serious health condition makes you more vulnerable than the average person. You should give executing one a high priority since there is a greater chance of not being able to handle financial matters, even if for a short period of time.

Perhaps the biggest benefit of a Durable Power Of Attorney For Finances is that if you do become incapacitated, there will be no need for court proceedings to appoint a guardian or conservator to oversee your property. Court proceedings are public, usually expensive and time consuming. You also don't know who the judge will appoint to handle your affairs or what guidelines the person will follow.

A Durable Power Of Attorney should be considered even if:

  • You have a revocable living trust. Since it's unlikely that you will transfer all your property to the trust, your Agent can control everything that isn't transferred to the trust.
  • You're married. For example, while your spouse does have some authority, usually he or she cannot sell real estate or cars that are registered only in your name.

As you'll see below, the power of attorney does not have to take effect the day you sign it.

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