Why Do I Need A Durable Power Of Attorney?
There are many pieces to a complete estate plan. One of the major pieces is determining who will make health care decisions if you are no longer able to do so. There are two main components.
The first is an advance health care directive, which is a guide to how decisions should be made. The second is a durable power of attorney. This is the “who” part of the puzzle. To whom will you give the authority and power to make these life-altering decisions?
I am attorney Thomas Gray. As a second-generation lawyer who has more than three decades of experience with estate planning, I can help you with this essential estate planning tool. My practice is devoted entirely to this area of the law, which allows me to provide the focused and detail-oriented legal counsel my clients deserve.
What A Durable Power Of Attorney Can Do
Essentially, a durable power of attorney is a legal document that assigns legal authority to another person (the “agent”). This legal authority authorizes the agent to make decisions on behalf of the person who granted it. With this authority come certain fiduciary duties.
One of the most common reasons to create a durable power of attorney is for health care decisions. Other reasons include financial, business and family decisions such as in the case of a conservatorship. The benefit of a durable power of attorney is that it can be catered to the specific needs of the individual and authority can be limited. There can even be co-agents and successive agents if the originally assigned agent is unable to perform his or her duties. Durable powers of attorney include general power of attorney, limited power of attorney and health care power of attorney.
The important thing is to take that first step in securing your future by reaching out to a seasoned estate planning lawyer.