A Durable Power of Attorney is one of the most legal documents that a person needs to protect themselves. This simple document can save you time, money, and even your life. With the increase of medical care and technology, we are living longer than we ever have. Seeing so, people need to try and make the best decisions to allow for a great quality of life.
What is a power of attorney?
A power of attorney allows an individual to give directive to another person on their behalf dealing with financial decisions, medical decisions or often times both. I tell clients when they execute a power of attorney that it means that there are two of them out there. After the initial laughter or sometimes dismay, I explain that their power of attorney can do anything they could do while maintaining a fiduciary relationship as to those actions.
When do I need a power of attorney?
In life, we never know what a given day will bring. With life’s uncertainty, we have to prepare for the curve balls which life throws at us. If an individual gets hurt or has a traumatic medical event, they may not be able to make decisions on their own. Seeing so, a power of attorney will allow their designated fiduciary to make medical decisions as well as deal with financial matters that may arise. Once a power of attorney is signed, it is a valid legal document. The power of attorney will last until it is revoked or until death. To change a power of attorney, you have to revoke or amend the prior document. When you pass away, the terms of the power of attorney are extinguished. At death, your Last Will and Testament becomes the controlling document as to who will act on your behalf.
How to get a power of attorney?
To get a power of attorney, call Matthew Wamock at Wamock & Wamock, to discuss what needs to be done to take care of your estate planning needs which may include a power of attorney. Call 606.473.5381 to ask questions 24/7.