The Top 10 Benefits of Comprehensive Powers of Attorney
Whether for medical or for financial reasons, the benefits of a highly detailed, comprehensive power of attorney are numerous. Unfortunately, most powers of attorney are general in nature and can actually cause more problems than they solve.
Much has been written about financial exploitation of individuals, particularly seniors and other vulnerable people, by people who take advantage of them through undue influence, hidden transactions, identity theft, and the like. Even though exploitation risks exist, there are great benefits to one individual (the principal) privately empowering another person (the agent) to act on the principal's behalf to perform certain financial functions or to make health care decisions when they are needed.
So, what can well written, thoughtful powers of attorney do for you and your family? Here’s the top ten:
1. Without them, you lose control. The best time to plan is “when you can.” Powers of attorney are a...
Durable Power of Attorney (DPOA) - Essential Legal Protection for You & Your Family
During life, we often need people to act on our behalf. This may be because we are unavailable due to other commitments, or it may be because we become unable to act on our own behalf for health reasons or due to a mental disability.
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When this happens, a durable power of attorney (DPOA) is a very useful, and in fact necessary, legal document. Not having one can result in a loss of control by you and/or your family regarding health and financial decisions. Not having a DPOA can also result in a lot of lost time, expense, heartache and can make a tremendous burden for your loved ones.
DPOA's are slightly different than a general POA, because they specifically are drafted to continue even if the person granting the power is mentally and/or physically disabled.
DPOA's are an alternative to judicial guardianships or conservatorships. From a practical standpoint, what this means to you is that, if...