No one plans to become mentally incapacitated. Nevertheless, useful estate planning instruments such as durable powers of attorney, health care surrogates and living wills can provide insurance in case the unexpected does happen.
Understanding The Benefits Of A Durable Power Of Attorney
Through a durable power of attorney, you can name someone as an attorney-in-fact, who may make financial decisions on your behalf and eliminate any concerns about the safety of the account.
Without a durable power of attorney in place, your family could spend thousands of dollars in court to appoint a guardian on your behalf.
If, for example, someone needs to handle your assets, such as the sale of your home, a court appearance would be necessary to have you declared mentally incapacitated. Meanwhile, the appointment of a guardian can also be an expensive, time-consuming and frustrating experience.
I am attorney Michael G. Horton, in Clermont, Florida. Regardless of your age or the size of your estate, I can offer personalized recommendations and honest answers about a durable power of attorney and other estate planning questions.
I can provide guidance on the law, explain what makes a good attorney-in-fact, and provide additional information on these documents to help you make sound decisions.