Why is it important to execute a durable power of attorney now, and how can it protect me from the cost of guardianship petition in the future?
A power of attorney gives another person the power to act as your agent in certain instances. A basic power of attorney is not legally binding once an individual becomes incapacitated or disabled. A durable power of attorney, however, continues during incapacity and may save the individual’s family from bringing a costly guardianship petition. To authorize a durable power of attorney, a person must be of sound mind and the document must be signed by two witnesses. The types of powers that are generally granted in a power of attorney are the right to handling the banking needs of the party or the right to pay the taxes of the party. One might even grant his agent the power to make gifts on his or her behalf. A durable power of attorney is recommended for any individual, since it can be executed, but not used, until the need arises. A durable power of attorney can also be revoked after it has been created.
Related Questions
- Why is it important to execute a durable power of attorney now, and how can it protect me from the cost of guardianship petition in the future?
- What is the difference between a durable power of attorney and a conservatorship or guardianship?
- What does it mean to "execute" a durable power of attorney for health care?
