If you are considering the future for your family and loved ones, estate planning is the way to set them up for success. There are tons of different terms and concepts that you might not be familiar with in the estate planning process, which is why it’s always a great idea to hire a great lawyer like those at Derryberry & Associates LLP. It’s easy to get overwhelmed if you aren’t familiar with estate planning and you don’t have a professional estate attorney helping out.
One term you should try to get familiar with during the estate planning process is durable power of attorney. A durable power of attorney is a tool you can use in estate planning to make life easier for your family if you pass away or get to a point when you aren’t able to make big decisions regarding your estate on your own. It’s a way to provide your family with peace of mind, a bright future, and a straightforward estate plan. There are typically two different types of durable power of attorney to familiarize yourself with, financial power of attorney and power of attorney over person. Let’s take a look at both of those options below.
Durable Power of Attorney Over Person
The durable power of attorney over person allows a person that you appoint to handle decisions related to your living situation and the things that affect your life. For example, they will be able to put you in a nursing facility if you need professional assistance during your day to day life. You want to choose someone that you trust to always keep your best interests in mind whenever they are making decisions. Your physical care and living situation are in the hands of the person you appoint as durable power of attorney over person.
Financial Power of Attorney
The financial power of attorney is used in estate planning to appoint someone to essentially handle all of your financial affairs. If you ever are mentally incapacitated, your financial power of attorney will make important decisions about your assets and finances for you. The person you appoint will be able to make choices related to your bank accounts, real estate, contractual agreements, businesses, and more. You definitely want to choose wisely when you are appointing a financial power of attorney.
Estate planning is a great way to make sure your wishes are fulfilled as you grow older. The durable power of attorney is one way to make sure that happens. If you are interested in learning more about the concept of durable power of attorney or you would like expert help with estate planning, reach out to Derryberry & Associates LLP. We can help you with all of your estate planning needs and answer any question you might have about the process. It’s always a good idea to think ahead and plan for setting your family and loved ones up financially in the event that you pass away.