How important is it to have a durable Power of Attorney?
- May 1, 2018
- David Greene
- Comments Off on How important is it to have a durable Power of Attorney?
It is very important! A durable Power of Attorney (POA) is simply legal authorization for someone else to act on one’s behalf. This usually only occurs if the grantor of the POA is incapacitated, but it can be useful in many other ways also. The POA is usually granted to a spouse or adult child but it can be granted to anyone you trust to handle your affairs. A typical way it is used if when the grantor becomes incapacitated because of a stroke, an accident, etc. The appointed Agent can immediately pay bills, keep a business running and perform other tasks otherwise handled by the now incapacitated person. Without the POA, Court intervention would be necessary to appoint a Conservator and legal fees and costs can easily range between $1,500.00 and $2,500.00 or more. For a husband and wife, each would need his/her own POA appointing the other as his/her Agent.