Top Things To Know About Durable Power of Attorney
A power of attorney is a person you want in charge of your affairs, whether it is financial, legal or medical. When you make that person a durable power of attorney, they maintain their responsibilities even in worst-case scenarios. Understanding what this position is and why you might want to assign one for yourself can become crucial for estate planning. Here are the top things to know about the durable power of attorney.
A Durable Power of Attorney Is Not a General Power of Attorney
There is one major difference between these two titles. Decisions may be made for you by a general power of attorney only as long as you are able to cognitively confirm them. If you become unable to carry on everyday tasks due to a disease, an accident or age, their power no longer counts. A durable power of attorney, on the other hand, can continue to make the right choices for you if you are no longer able to do so yourself.
You Can Assign Different People for Different Matters
A durable power of attorney does not need to have control over everything important in your life. You are free to assign a durable power of attorney who only has power over your financial decisions. Another person can be put in charge of medical decisions. You may feel more comfortable dividing up these positions. You can inform each person what your wishes are for your finances and medical situations if the need arises for them to make a decision.
You Can Revoke the Power of Attorney at Any Time
You are free to revoke someone’s power of attorney position at any time. You must be cognitively capable of doing so, but it should not be an issue otherwise. Make sure to get everything on paper when you assign a power of attorney and include your signature.
A Lawyer Can Help With Estate Plans
An estate planning lawyer can help you create the document choosing your power of attorney. This is a good idea simply to ensure there are no mistakes that might jeopardize your power of attorney’s abilities in the future when you can no longer make choices. If you happen to be searching for an estate planning lawyer in Elizabeth, NJ, then a lawyer from a firm like The Law Office of Wade Suthard, P.C., may be of assistance to you. They can help you understand how to plan every step of the way, from creating a will to selecting powers of attorney. Don’t leave the future of your estate up to others or the state.