Understand the importance a durable power of attorney.
Just as having a will or trust to assist your loved ones after your passing, a durable power of attorney can be equally as important while you’re alive. A durable power of attorney is an instrument created to allow your attorney in fact to assist you with matters in the event that you should become incapacitated. This could be anything from paying your cell phone bill to managing your bank accounts while you’re incapacitated. You can name whomever you’d like to be your attorney in fact, whether that be a spouse, daughter, son or friend.
So why is a durable power of attorney so important? Unfortunately, we never know what life may challenge us with. That being said, it is crucial to have a durable power of attorney that will allow your affairs to stay in order should you become incapacitated. If, for example, something happens to you that leaves you incapacitated without a durable power of attorney, your loved ones will most likely not be able to access your money to help you pay your bills, negotiate any possible contracts, effectively maintain your property, or assist in your dealings with medical providers. I highly recommend a durable power of attorney to every one of my clients. Even if you should be fortunate enough to never need one, the peace of mind alone can be of great benefit.
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