A durable power of attorney (POA) is an important tool used for incapacity planning because the power of attorney can give you control over who acts for you when a physical or mental illness prevents you from acting on your own. If you create a durable power of attorney, you get to make a choice [ ] The post How to Create a Durable Power of Attorney appeared first on Nirenstein, Horowitz & Associates P.C..
To be comprehensively prepared for the eventualities of aging, you should consider the possibility of future incapacity. While this may not be the most pleasant subject to address, it is important to take action to protect yourself, because incapacity is quite common among elder Americans. Understand the Facts When you are capable of making your own decisions all of your life, it may be hard to imagine a time when you can no longer handle your own affairs. This is understandable, but as life goes on, you encounter different contingencies. Once you understand the facts, you will see why incapacity planning is so important. Many people become physically incapacitated prior to passing away. This period can be relatively brief, or it can be quite extended. During this interim, someone is going to have to handle your financial and health care decision-making. There is also the matter of mental incapacitation due to dementia. There are other causes of dementia, but Alzheimer s disease is th
Sometimes an individual wants to empower another person to act on his or her behalf in a legally binding manner. There are various different reasons why this dynamic may be in place, and the situation can be addressed through the creation of a legally binding document called a power of attorney. To provide a simple overview, the person who is granting this power to another is called the principal or the grantor. The individual who is going to be empowered to make decisions on behalf of the grantor is called the agent or attorney-in-fact. Don t be thrown by the term attorney-in-fact. The person who is going to act as the grantor s representative does not have to be a lawyer. Any adult of sound mind who is willing to act as the agent can do so. There are different types of powers of attorney. A general power of attorney could be used to give the agent broad latitude. The agent would have sweeping power to enter into most types of legally binding agreements on behalf of grantor. This is