Durable Power of Attorney
Have you thought about who will take care of your bills, bank accounts, and other financial obligations if you were to become incapacitated or incompetent to handle your own finances? Many people haven’t. Having a Power of Attorney in place authorizes someone to act on your behalf and take care of your finances for you. If you were to become unable to take care of your finances, and you didn’t have a Power of Attorney, it may be necessary to have a guardianship or conservatorship set up. This can be costly and time consuming. Your loved ones can be spared the headaches involved with setting up a guardianship or conservatorship by simply having a Durable Power of Attorney in place.
A Power of Attorney normally ends when one becomes incapacitated or dies. However, a Durable Power of Attorney remains in place even when a person becomes incapacitated. A Durable Power of Attorney may be general or limited. You may grant your attorney-in-fact to do everything you may legally do, or you can limit what your agent is authorized to do to cover specific situations like paying bills, making investments, or selling property.
When you create a Durable Power of Attorney, you have to choose someone to act as your agent. This should be someone you trust to properly care for your finances during your incapacity. People generally appoint a family member or close friend.
Contact Stephanie Flynn Law or call (402) 325-8469 to create a Durable Power of Attorney specifically tailored to your needs.