Did you know this week is National Estate Planning Awareness Week? In 2008, Congress declared the third week in October as National Estate Planning Awareness Week to help the public understand what estate planning is and why it is such a vital component of financial wellness. This week is a great time to create an estate plan or have your existing estate planning documents reviewed and updated. In honor of National Estate Planning Awareness Week, the Samuels Law Firm will post answers to some frequently asked questions concerning estate planning essentials.
When meeting with individuals and their families, many do not realize how essential a durable power of attorney is to their estate plan. So what is a durable power of attorney and why should you have one? A durable power of attorney is a legal document that allows you (the principal) to appoint someone (called an agent or attorney-in-fact) to step in and make certain decisions and transactions on your behalf, even in the event you become disabled or incapacitated. You determine what decisions can be made on your behalf.
Without a comprehensive power of attorney, your family may be forced to commence a guardianship proceeding to ask a court to appoint someone to act on your behalf. A guardianship proceeding can be time-consuming and costly. However, having a durable power of attorney will save you and your family the time and expense in the event you are unavailable or unable to act.
