only <\/em>becomes effective upon your incapacity.\u00a0 This is a common approach when working with an estate planning attorney.\u00a0 Under this scenario, as long as you have capacity, you will be the person managing your legal and financial affairs.\u00a0 In the event that you are temporarily or permanently incapacitated, the Durable Power of Attorney document will name an agent to act on your behalf.\u00a0 This person is referred to as your \u201cattorney-in-fact\u201d.<\/p>\n <\/p>\n
Nobody wants to think about what would happen to his\/her financial assets and other day-to-day responsibilities in the event he\/she becomes incapacitated by illness or an unfortunate accident. Unfortunately, without a Durable Power of Attorney, you relinquish control of how your affairs will be managed should you become incapacitated. Your family will be forced to establish a Conservatorship with the court to handle any financial issues. For people without a close relationship to their family, this can be especially problematic.\u00a0 The person may find themselves in a divisive situation, as estranged family members gain access to their assets.<\/p>\n
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It is also important to note that you should have a \u201cMedical Power of Attorney\u201d in addition to your Durable Power of Attorney. The Medical Power of Attorney appoints an agent to make health care decisions on your behalf. In California, the Medical Power of Attorney is called an \u201cAdvanced Health Care Directive.\u201d This is a document that designates a trusted person to make decisions regarding medical matters when you are unable to do so for yourself.<\/p>\n
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As with anything else, planning ahead is an essential and easy way to avoid unnecessary stress, hardship, and financial burden.<\/p>\n
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What do you think of when you hear \u201cPower of Attorney\u201d? \u00a0If you are like most people, you probably think a POA is designed to assist a person with his\/her day-to-day responsibilities including management of financial assets in the event he or she becomes incapacitated by illness or an unfortunate accident.\u00a0 While an agent […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[284,283,62],"acf":[],"yoast_head":"\n
Why You Need a Durable Power of Attorney - SSS Legal & Consultancy Services<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n