Durable powers of attorney go into effect immediately upon your incapacitation. This means someone will be able to take over your financial matters if you are unable to do so for yourself. A power of attorney could be invaluable if you are seriously injured in a car accident, work-related accident, or if your health deteriorates and you are unable to act on your own behalf.
Regardless of how limited, or broad the powers you authorize, the agent you designate must be acting in your best interests at all time. Your agent has a fiduciary obligation to avoid acting in a manner that benefits themselves. Powers of attorney may also be granted for specific purposes, for example, you may wish to ensure someone handles matters related to a business you own in the event you become disabled or otherwise incapacitated.
Signing a power of attorney does not mean you are giving up any rights. The terms of such an authority only become valid in the event you are unable to act on your own behalf. I can help you draft a power of attorney or multiple powers of attorney based on your specific needs and wishes.
Revocation of Powers of Attorney
It is important to note a power of attorney may be revoked at any time. The person you give authority on your behalf may only perform the actions you specify in your power of attorney. This means you may limit their authority to paying your bills and handling your day-to-day correspondence, or you may authorize them to buy or sell real estate, make investment decisions, or transfer control of your assets to another person.
Contact Sandos Law, PLLC today and make sure you have the proper durable powers of attorney in place in the event you are unable to make your own decisions. I will take the time to understand your goals and help give you the peace of mind that your affairs will be addressed in the event of your disability.