Is a Durable Power of Attorney important?
- May 3, 2022
- David Greene
- Comments Off on Is a Durable Power of Attorney important?
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 Attorney-in-Fact 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 $2,500.00 and $5,000.00. For a husband and wife, each would need his/her own POA appointing the other as his/her Attorney-in-Fact, or Agent.