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Understanding durable power of attorney benefits

On Behalf of | Dec 28, 2022 | Estate Planning |

Your estate plan should include more than just your wishes upon your death. In fact, you should also consider your needs if you become incapacitated and unable to make decisions for yourself. A durable power of attorney is an important tool in that case.

There are a few important things that everyone should understand about durable power of attorney.

It lasts indefinitely

Unlike a traditional power of attorney, durable power of attorney is still valid if you become incapacitated. The traditional power of attorney is only valid as long as you are able to confirm its validity, so it becomes void if you become incapacitated. That is why many estate plans include a durable power of attorney instead.

It is confidential

Unlike many documents, a durable power of attorney is not publicly accessible. You do not have to worry about anyone seeing the forms or needing explanations for why you signed the form to begin with. Your wishes will remain private between you, the other party and the attorney you work with.

It is revocable

You can revoke a durable power of attorney at any time. This gives you control over the authorization at any stage and prevents you from a commitment that you cannot change or cancel.

Knowing that someone can make decisions or sign documents on your behalf is important, especially if you become incapacitated. Durable power of attorney is a good addition to your estate plan for that reason. Make sure that anyone you award that power of attorney to understands your wishes and can carry them out.