It is impossible to predict the future, but you can plan for financial security with the help of our Royal Oak, MI durable power of attorney at Gudeman & Associates P.C. Get peace of mind knowing that you have a person you trust legally assigned to step in and make financial decisions on your behalf if you are incapacitated. Learn more about your options by calling to schedule an appointment today.
A Durable Power of Attorney and Estate Planning
Giving someone durable power of attorney is an essential part of an estate plan. If you ever end up severely injured or unable to advocate for yourself, you need someone to make financial decisions. Without a durable power of attorney, the court will assign a representative. While this appointed person is usually a family member, it may not be someone who you have communicated your wishes to or trust to handle your estate. To avoid this unfortunate circumstance, assign a durable power of attorney now and get peace of mind for your future.
When you establish a durable power of attorney, you decide how much power and which decisions that person or agent can make. We will guide you through the options for Royal Oak durable power of attorney and ensure you understand every responsibility you bestow upon the chosen agent. Some duties you may consider granting to you durable power of attorney include:
- Paying taxes or other daily expenses such as a mortgage, insurance, and rent
- Working with your estate lawyer to handle inheritances and beneficiaries
- Collect financial assistance like Social Security
- Manage investments
- Oversee financial support of your spouse, children, or other named dependents
Choosing the right person to act as a durable power of attorney is essential. You have to trust them to follow the instructions you set up with your attorney in your estate plan. A durable power of attorney can be a family member, close friend, or reputable advisor. We help you complete the legal paper to solidify your agent and make your durable power of attorney enforceable.
When a Durable Power of Attorney is Necessary
Your durable power of attorney will take over if you become incapacitated. For example, getting seriously injured and going into a coma or being deemed mentally unfit to make decisions because of illness are all causes to enact your durable power of attorney. Authority will transfer back to you upon recovery. Lifelong incapacitation like dementia or Alzheimer’s will keep your durable power of attorney active until your death. If you pass away, your durable power of attorney ends, and all financial control is settled by your will or estate plan.
In most instances, people do not know when they will need a durable power of attorney. As a result, it is best to assign one while you are healthy and well. It is never too early to dictate your wishes and instructions.
Don’t leave your care up for debate. Contact Gudeman & Associates, P.C. today and schedule a meeting with our firm to set up a Royal Oak durable power of attorney. We will get to know you and listen to your goals to create a comprehensive estate plan that gives you emotional and financial security in the future.
