Name someone you trust to uphold your wishes and make decisions in an unexpected crisis.
A standard Power of Attorney grants authorization to a representative of your choice to make business or personal decisions on your behalf. A Durable Power of Attorney goes one step further and grants permission for a representative to make decisions in the event that you are incapacitated.
In the event you face an unexpected catastrophe, such as debilitating mental or physical trauma, and are unable to handle your financial affairs on your own, your Durable Power of Attorney (also referred to as your Agent) is there to ensure your wishes are executed without involving complicated court proceedings due to the unexpected event.
Some Power of Attorney documents are invalid if you become incapacitated, which could lead to your family having to sort out your affairs in court. This is why it is extremely important to have a Durable Power of Attorney. Your Durable Power of Attorney remains 100% valid if you become incapacitated. The agent of your choice will have the power to make decisions for you regarding your assets and finances, which will give you and your loved ones additional assurance that your Durable Power of Attorney has staying power even in a sudden crisis.
As you are estate planning and preparing for your family’s future well-being, ask your legal advisor to set up a Durable Power of Attorney for extra assurance should you become incapacitated and unable to make important personal decisions.