Do You Need a Durable Power of Attorney?

A Durable Power of Attorney is strongly advisable for most people.

What is a Durable Power of Attorney?

A Durable Power of Attorney is a legal document designating an attorney-in-fact (usually a trusted family member or friend) to have the power to handle your legal and financial affairs during your lifetime.

What are the main benefits of having one?

There are three main reasons to have a Durable Power of Attorney:

• To allow for transactions to occur during a short-term absence or incapacity.
• To avoid the need for a guardianship, in most cases, should you become incompetent.
• To authorize your agent to make gifts from your assets, in order to decrease estate tax liability or to save some assets from passing to a nursing home should full nursing care become necessary.