As we age, it becomes increasingly important to plan for the future and ensure that our affairs are in order. One crucial aspect of this planning is establishing a durable power of attorney.

This document lets you choose someone to make important decisions for you if you can’t make them yourself.

What is a durable power of attorney – and why do you need one?

Understanding Durable Power of Attorney

A Durable power of attorney is a legal document that gives someone else the authority to make decisions on your behalf. This person is known as your agent or attorney-in-fact. The document remains in effect even if you become incapacitated, meaning that your agent can continue to make decisions for you if you are unable to do so yourself. This is what sets durable power of attorney apart from a regular power of attorney, which becomes invalid if you become incapacitated.

Types of Decisions Covered by Durable Power of Attorney

A durable power of attorney is an important legal document that grants someone else the authority to act on your behalf in making a wide range of decisions encompassing various aspects of your life, such as financial, legal, and medical matters. The person you designate as your agent will have the power to carry out tasks on your behalf, which may include but are not limited to paying bills, managing investments, and making crucial healthcare decisions. To ensure a clear understanding between you and your agent, it is crucial to have a detailed discussion regarding the specific types of decisions you wish for them to make and explicitly outline these preferences in the document itself.

Why You Need Durable Power of Attorney

There are several reasons why you should consider establishing a durable power of attorney. First and foremost, it allows you to choose who will make decisions for you if you are unable to do so yourself. This can provide peace of mind knowing that someone you trust will be handling your affairs. Additionally, without a durable power of attorney, your loved ones may have to go through a lengthy and expensive court process to gain the authority to make decisions for you.

How to Establish Durable Power of Attorney

 

In order to establish a durable power of attorney, you will need to fill out a form specific to your state. For example, if you live in California, you will need to fill out a California durable power of attorney form. This form must be signed by you and your agent, as well as two witnesses. It is important to consult with an attorney to ensure that the form is filled out correctly and that your wishes are clearly stated.

Updating Your Durable Power of Attorney

It is important to review and update your durable power of attorney periodically, especially if there are any changes in your life such as a change in marital status or the passing of your agent. You can revoke or update your durable power of attorney at any time as long as you are still mentally competent.

By establishing a durable power of attorney, you can have peace of mind knowing that your affairs will be taken care of in the event that you are unable to make decisions for yourself. Consult with an attorney to ensure that your durable power of attorney is properly established and reflects your wishes.