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Estate Planning
Durable Powers of Attorney |
The day may arrive when an injury or illness
disrupts your ability to manage your own financial affairs and make health care decisions.
Under these circumstances, a court will probably appoint a guardian to oversee your
well-being. Your affairs will be subject to public disclosure. You will incur additional
legal expenses. And your bills will likely go unpaid while your personal affairs remain in
limbo.
So couldn't your husband just step up and handle everything for you? Legally, they won't
have the proper authority to make decisions on your behalf. Their hands will be tied. A
simple solution for this problem is for you and your spouse to each draft a durable power
of attorney.
A durable power of attorney is a legal document that lets you grant authority to one or
more persons to manage your personal affairs in the event you become incapacitated and
unable to make your own decisions. Personal affairs include legal, financial, or health
related decisions made on behalf of the grantor. For health care decisions, you will need
a separate heath care power of attorney.
You should have a new durable power of attorney drafted every five years so your
intentions are well known. Financial institutions and insurance companies are more likely
to honor this document if it's up to date. Who knows? You may even have a change in heart
about the person you originally chose to manage your personal affairs.
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