When it comes to estate planning, there are so many beneficial options, depending on what you need to accomplish. A durable power of attorney is a common tool. So is a living trust. So, what is the difference and how do you know which one you need for your estate planning. What is the definition of a Durable Power of Attorney? A power of attorney is a flexible estate planning tool that allows you to choose someone who will handle all or part of your personal affairs, including making health … [Read more...] about How is a Durable Power of Attorney Different from a Living Trust?
durable power of attorney
A power of attorney is a legally binding device that is used across the legal field for multiple different purposes. You would utilize a power of attorney to give someone else the power to act on your behalf in a legally binding fashion. The person who is creating the power of attorney is called the principal or the grantor of the device. The grantor names an agent or attorney-in-fact. This person is given the power to act on behalf of the grantor. There are different types of powers of … [Read more...] about A Durable Power of Attorney Can Prevent a Conservatorship
Question 1. What is a durable power of attorney? A durable power of attorney is a document that allows capable adults the ability to choose a representative who will have the legal authority to make decisions on their behalf. Through your durable power of attorney you appoint an agent, also known as an attorney-in-fact, who receives this decision-making authority. The agent can make legally binding agreements as if you were making them yourself. The durable power of attorney can be as limited … [Read more...] about Should You Have a Durable Power of Attorney? 3 Questions