03 Jun Powers of Attorney
Have you ever wondered what would happen if you needed to make an important decision whether it be financially, medically, or legally, and you just weren’t able to do it? How would you ensure your interests when you aren’t there to protect them yourself, such as being stuck out of the country, incapacitated, or unable to gain contact with those necessary? In these types of situations Powers of Attorney become more than useful.
Powers of Attorney are a legal document in which you name someone to have certain powers that normally you would have, basically allowing them to act in your place. The person you give these rights to have the ability to do things you would normally do such as pay your bills, signing your tax return, managing your investments and accounts, and taking care of your medical affairs. However there are two different types of Powers of Attorney, standard and durable. Durable Powers of Attorney is basically exactly the same as regular powers of attorney except for the key fact that in Durable Powers of Attorney the powers given to the individual of your choosing continue on after you have been incapacitated for any reason. This is important for those who are elderly, injured in an accident, or become too ill to make any decisions for themselves. Not only are these documents almost necessary to have, there are several advantages in having Powers of Attorney. One of these advantages is simply the convenience of having one. In an emergency when one might be incapacitated, without a D.P.O.A. there is a court process used to decide guardianship of the no longer capable individual. While a D.P.O.A. is recognized at near every institution and corporation there is making it faster and easier for you to get the help you need right away.
Due to the seriousness of the matters which your selected individual will be responsible for, it is important that they are someone you can trust. Which is why in Living Trusts most people find it beneficial to give these powers to their spouse, successor and co-successor trustees. This is a very common and logical practice considering your co-successor and successor trustees are already people you trusted to manage your estate, and this gives them extended power to do so without complications or your presence. This allows the process of the trust to go smoothly, quickly, and the way that you wanted it. Having the security of knowing that your estate will be taken care of even when you aren’t there to make sure of it is one of those things that is hard to put a price on. It is for this reason that so many people use Powers of Attorney in their trusts, medical, and financial affairs to ensure a safe and stable management for their assets, and future for their loved ones.