Why You Need a Durable Power of Attorney
As we get older, we realize that it’s time to start planning for someone to take care of us if we become mentally or physically unable to make proper decisions. A power of attorney (POA) authorizes someone else to handle certain matters on your behalf. These matters are often financial or medical care and expire when a person is no longer mentally able to make legal decisions. But a Durable Power of Attorney (DPOA) remains in effect when you become incapacitated, either through an illness or an accident, and cannot make decisions for yourself. The DPOA remains until your death or until you revoke it in writing.
According to the State Bar of Georgia, a durable power of attorney includes authorization to require, withhold or withdraw any medical treatment or procedure.
Why Have a Durable Power of Attorney?
When planning for medical emergencies or a decline in mental functions, a durable power of attorney can ensure that the agent you assign will correctly handle your finances and medical decisions.
Many people assume that a spouse or children are automatically able to handle your matters if you are incapacitated, but that is wrong.
If you do not have a Durable Power of Attorney established, your family may have to go through a lengthy and expensive process to get guardianship. They will have to go to court and have you declared incompetent before they can take over your finances.
Having a durable power of attorney written out in advance while you are still legally mentally competent helps to eliminate confusion and uncertainty when family members have to make difficult medical decisions. Your DPOA can take effect immediately or wait until you become unable to make the right choices for your finances and health.
Responsibilities of the Durable Power of Attorney
The person you assign to handle your financial and medical matters in a DPOA is called your ‘agent’ or ‘attorney-in-fact.’ Before deciding who to grant authorization on a durable power of attorney, let’s consider some of their responsibilities. Your agent can:
Manage your bank accounts, bills, and investments
Buy and sell property on your behalf
File your tax returns
Apply for government benefits such as Medicaid
Assigning someone as your agent is almost as important as the durable power of attorney itself. Take your time and choose wisely. Talk with the person to ensure they completely understand what you want and need.
Choosing Who To Grant Your Power of Attorney To
Choosing your power of attorney is not a decision to be taken lightly. The person you assign as your agent does not have to be an attorney but should be responsible and follow your instructions. Often, a spouse is named the primary agent, and children are assigned as alternative agents if something should happen to the other parent. But it is not required that the designated agent be a family member.
Once the agent works on your behalf, they should bring a certified copy of the durable power of attorney when conducting business or working with health care providers. When they sign documents on your behalf, they should note that they are signing as POA. Verify the preferred format.
Assuming you are still mentally able, you should update your durable power of attorney every 10 years. Many businesses will refuse old certificates, causing delays and frustration for your family members.
Setting Up Your Durable Power of Attorney
A durable power of attorney is one of the most important legal documents and decisions you will make. Writing a solid DPOA takes planning, knowledge and understanding of your specific situation. Setting this up correctly, in the beginning, can save your family time, money and headaches.
The overly simplified forms found online to establish your durable power of attorney lack substance. You need an experienced Georgia Estate Planning Attorney to protect yourself and your property. A well-written DPOA allows for Medicaid, asset protection planning and establishes a living trust. With advanced planning, we can help your family avoid having to ask the courts to declare you incompetent and protect you against the high cost of a nursing home.
Gwinnett County Power of Attorney Lawyer Jammie Taire
Call us today to draft your Durable Power of Attorney. Giving anyone else authority to act on your behalf in financial and legal matters is a serious matter. A power of attorney gives someone considerable authority to take actions, within the scope of the POA. A skilled power of attorney lawyer can help you create a legal document that protects your interests while giving your agent the necessary authority to get the job done. With 20 years of experience in power of attorney execution, contact your trusted legal partner, Jammie Taire and the team at SmithTaire Legal.
Schedule an appointment with us today at 678-253-8133 to discuss your situation.