Estate Tip of the Month
How will your family access your checking account to pay your bills if you are injured severely enough that you cannot do so yourself? If you do not have a Durable Power of Attorney the answer is simple - they will not be able to do so without going to Court! The Court will then:
- Hold a hearing which will require testimony from friends, family and a doctor which can be very expensive and take several months!
- The Court, not you, decides who the guardian is!
- The Court continues to supervise the guardian and the guardian must file annual reports.
If you have a Durable Power of Attorney in place, you can usually avoid all of these problems. Without it, do to the delays and expenses, your bills may not be paid and your credit rating may suffer. When drafter properly, the Durable Power of Attorney will:
- Permit the designated agent to manage the incapacitated person's affairs without difficulty.
- Permit you to make the decision who is responsible, not the Court!
- Protect your privacy.
- Be of minimal cost compared to the cost of a Guardianship.
- Will be effective immediately