What Is A Durable Power Of Attorney? Do I Need One?
A durable power of attorney is a legal document that authorizes one person to act on behalf of another in financial and legal matters. It is one of the most important legal documents a person can have.
Every adult over age 18 needs a durable power of attorney. The future is unpredictable: you never know when that meteorite is coming down to hit you on the head. Since you cannot know when you will need a durable power of attorney, you should not put it off until the future. You should have one now.
Kentucky ElderLaw, PLLC, helps clients in Southern Indiana and throughout Kentucky who need durable powers of attorney.
I’m Married. Do I Need A Durable Power Of Attorney?
YES! Many people mistakenly believe a spouse can handle their finances if they become incapacitated. Not so: No one, not even a husband or wife, has the authority to deal with your bank accounts, investments, real estate, insurance, etc., unless you have given that person authority. The power of attorney is the crucial document that gives them that authority.
For example, if you have an IRA, only you can make deposits to it or withdrawals from it and change the beneficiary — unless you have a power of attorney document authorizing someone else to do those things. Do you have an insurance policy? No one — not even your spouse — can get information about that policy — unless you have a power of attorney document authorizing him or her to do so.