![]() You may decide, therefore, not to give your agent the power to make gifts. What may I authorize the agent to do for me?įirst, you need to recognize how dangerous a power to make gifts can be if your agent turns out not to be honest. Some examples include: applying for work-related disability or income continuation benefits and public benefits such as Social Security disability or Medicaid accessing or changing retirement plans filing insurance claims or appealing denials signing tax forms selling a home to move somewhere more accessible contracting for health care services and hiring accountants or lawyers. However, there are many actions an agent would need specific legal authority to do – regardless of how much (or little) money you have or whether you hold most of your assets jointly with another person. ![]() Many people mistakenly think that it's not necessary to have a durable power of attorney if they don't have much money or if they hold all property jointly with a spouse or someone else. If you are physically able, you must go to the courthouse to hear the testimony that you are incompetent. A physician must provide evidence that you cannot handle your own affairs. The family must hire a lawyer who will arrange for a court hearing. Appointing a guardian takes time and can be cumbersome, public, and expensive. If you do not have a Durable Power of Attorney and you become incompetent, it may be necessary for your family to ask the court to appoint a guardian for you. Aĭurable Power of Attorney allows your agent to act even if you become incapacitated or incompetent. If you cannot manage your own affairs someone else must. Insurance statistics reveal that one out of two Americans will suffer a period of prolonged incapacity in his or her lifetime. Why should I consider a Durable Power of Attorney? Individuals are encouraged to complete powers of attorney for health care to appoint an individual, called a "health care agent," to make health care decisions for them. Not address powers of attorney for health care decision-making, which are governed by different laws and involve different considerations. Under most circumstances, a properly executed general durable power of attorney avoids the need for a court-appointed guardian or conservator. A principal can make the power of attorney effective immediately or at some later date or event, such as when the principal becomes incapacitated. Most general powers of attorney prepared today are durable, which means the authority continues even if the principal becomes incapacitated and cannot act for himself or herself. The authority may be general, giving the agent broad power to make decisions, or limited, giving the agent the power to do one or more specific things. The Durable Power of Attorney is a signed and notarized document by which one person, theĪgent, authority to act on the principal's behalf.
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