Something you should have in place right now

Possibly the most important legal document you should have in place right now is a durable power of attorney. Without one, you could jeopardize your and your family's overall well-being should you become incapacitated. Through a durable power of attorney, you can authorize a loved one to act on your behalf on legal and financial matters.

If you become unable to act on your behalf due to illness or incapacity, your agent assumes responsibility for tasks such as paying bills, managing investments, filing taxes, and making financial and legal decisions as authorized through your power of attorney document.

Without a durable power of attorney in place, your loved ones may face substantial legal hurdles if they need to step in and manage your finances on your behalf. For example, they may need to petition the court for guardianship or conservatorship, a costly and time-consuming process that can be emotionally taxing for all parties involved. Having a durable power of attorney in place simplifies this process and allows your agent to act on your behalf immediately.

Further, when you take the time to put a durable power of attorney in place, you avoid future conflict among family members who all may want a role in handling your affairs. By designating an agent, you are choosing who will make your decisions and manage your affairs.

When choosing an agent, you want to make sure you are choosing someone who is trustworthy and organized. After all, this is the person who will be handling your finances, paying your bills, and tending to legal matters, should you need them to.

As with all life and estate planning documents, you should make sure to update the document if you need to choose a new agent at any point. It is also a best practice to have a successor agent designated in your power of attorney, in case your first choice is unable to serve.

Don't let this important legal document be missed when tending to your legal affairs. Everyone over the age of 18 needs to have a power of attorney in place. Ozdeger Law can help you out. Book a consultation to get started.