A durable power of attorney is one of the most important estate planning documents you can have. It allows someone who you appoint (your agent) to make decisions on your behalf in the event you become incapacitated. If you have not appointed an agent, then your friends and family may not have the authority to make decisions on your behalf. In that case, a judge may have to appoint someone for this task, which can require a court process that is expensive and tedious.
While a durable power of attorney (POA) is one of the most common estate planning documents, it is also one of the most misunderstood. This article will break down some of the common misconceptions regarding POAs and help you understand what you need to create a valid POA.
Misconception: Technology is so great now, there is no need to speak with an attorney. I can just create my own POA online.
Truth: POAs are not one-size-fits-all. Each person’s situation is unique. If you use a cookie cutter program, it may not cover specific transactions