Estate planning involves more than just drafting wills and trusts; it also includes a Durable Power of Attorney for Finance (POA). These documents protect financial choices, especially when a person is incapacitated. A Durable Power of Attorney allows an agent to make decisions for the incapacitated, maintaining validity even if the incapacitated becomes mentally incapacitated. The agent can manage assets, and pay bills on their behalf and have access to crucial financial information.

However, setting up a Durable Power of Attorney can be complex, and drafting without proper knowledge of state law can lead to selecting an unsuitable agent or incorrectly specifying the agent’s powers. Having a Durable Power of Attorney that adheres to state regulations is essential to be effective over each other.

A common misconception is that married couples think they have automatic Power of Attorney for Finance. That is not the case. The same goes for when your child turns 18 years old. They are a now an adult and you have no legal right to speak for them.  Talk to one of our attorneys now to see how to get these documents into place.