In short, a durable power of attorney is nothing more than a legal document whereby an adult appoints another person to act as their agent to manage their finances. The word “durable” means that if the person becomes incapacitated, the power of attorney remains active. In other words, your inability to manage your finances will not cause the power of attorney to expire.
The primary benefit of a durable power of attorney is the ability for somebody to manage your affairs while you are disabled. This may not sound like a big deal right now, but it is good to know that your agent will be taking care of your affairs should something serious happen.
What are the Benefits of a Durable Power of Attorney?
If you do not have a durable power of attorney and become disabled, the only way for somebody to take over your financial affairs would be to go through a guardianship court proceeding. Not only can this be time consuming, but it will also cost money.
With a durable power of attorney in place, however, this is never a concern. Instead, whoever is named the agent will be able to immediately takeover your financial affairs should you become incapacitated.
When does it become Effective?
This is up to you. Your durable power of attorney can become effective in the event that you become disabled or immediately upon signing the document.
Discuss the pros and cons of both options with your estate planning attorney.
Do I need Professional Help?
If you are interested in creating a durable power of attorney in Madison, the first thing you need to think about is how you are going to do this within the limits of the law. Since you don’t likely have much experience or knowledge, it is essential to consult with an experienced Madison estate planning attorney.
With an attorney showing you the way, you can make the right decisions while knowing that your document is being created without any mistakes getting in the way.
Over the years, we have helped many people create a durable power of attorney in Madison. If you are thinking about doing so, contact us to discuss your situation and to learn more about moving forward. We will help you make the decision that is best for you, your family, and your financial affairs. Go to KH-LAW.net to schedule your free consultation.