Durable Power of Attorney for Finances
An essential aspect of Estate Planning is the Durable Power of Attorney for your finances. Attorney James A. Ritter has vast skills and experience in Estate Planning to ensure that your finances are appropriately managed if you become sick or disabled.
The Durable Power of Attorney for Finances is a legal document that allows you to appoint a person, an agent, to manage your financial affairs on your behalf in the event you become permanently ill or disabled. The agent should be a trusted person, whether a relative or friend. You may also consider naming an alternative agent in the event your primary agent becomes unable to perform the required duties.
For federal death tax planning or medical assistance planning purposes, this document may provide provisions to authorize your agent to make gifts to family members.
The consequence of not having Durable Power of Attorney for Finances is that a Guardian of the Estate (an agent) will have to be appointed for you, by a Judge, via a Guardianship Proceeding.
Your initiative to plan for managing your finances will give you and your family peace of mind knowing that financial decisions will be made by your agent, according to your wishes.