Wendy's Plans

Tuesday, October 22, 2013

A "Durable" Power of Attorney

Wendy, like most of us, avoided thinking about anything bad happening to her.  But then she had a bad accident falling off a horse and was unconscious for several weeks.

Unfortunately, there was no one authorized to deal with her finances during that time.  And by the time she was able to return home, her finances were a shambles. 

If she had planned ahead, Wendy could have avoided some of her financial mess.  State law allows two ways to give power of attorney to someone if case you become incompetent or disabled. 

A Durable Power of Attorney for Property allows you to decide now who would make your financial decisions later.  If you do not create a Durable Power of Attorney, the court would eventually have to decide who would control your finances.

Of course, the court won’t necessarily know who you trust most or who understands best how you would handle things.  The judge would essentially have to guess, in light of whatever evidence is brought to his attention.

No judge’s guesswork should be involved after you’ve listed your top choices in a Durable Power of Attorney.  In fact, it will often eliminate the need to go to court at all, even if you become disabled.

Careful estate planning can make a good difference.  For assistance setting up a complete estate plan, call our office at (815) 436-1996 for an appointment. ©2013 Gruber Law Office, Ltd.

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