Choose Someone You Trust As Your Agent
When you are creating an estate plan to prepare for the future, it is crucial to address who will handle your affairs for you in the event you become incapacitated or otherwise unable to handle your own affairs. As an estate planning lawyer with over 39 years of experience, I strongly recommend you have a general durable power of attorney as part of your estate planning documents. A power of attorney is a legal document that lets you name someone that you know, love and trust to manage your financial affairs if you become physically or mentally incapacitated. Your agent under your power of attorney is authorized by you to perform any task in your place and in your stead and on your behalf.
I know your estate plan is only as effective as you make it, which is why I encourage clients to be as thorough as possible. Including a power of attorney alleviates your family from stress and pressure, as it appoints someone that you chose to handle your affairs in the event that you are incapacitated.
How Should I Choose My Agent?
A power of attorney gives an individual control over your personal assets and monetary assets. Thus it is very important that you chose your agent wisely. Most married couples will appoint their spouse as their initial agent. In the event the initial agent is unable or unwilling to serve under the power of attorney, then in that event a person that you know, love and trust should be appointed as your successor agent.
When will my financial power of attorney end?
∙ Upon your death.
∙ When you revoke the durable power of attorney.
∙ When your spouse is your agent and you get a divorce.
∙ On rare occasions, when a court invalidates the document because you were not mentally competent at the time you signed it, or you were a victim of fraud or undue influence.
∙ No agent is available. To avoid this from occurring, you can name an alternate agent in your document.
Don't Delay — Establish A Power Of Attorney Today
For further information on how I may be able to help you draft a financial power of attorney, contact my law office online or call 412-928-2068 to schedule your complimentary appointment today/