I usually get phone calls from potential clients telling me that they need to get a Last Will and Testament prepared. However, when I speak to them I always strongly encourage them to get a Durable Power of Attorney, along with a few other documents as well as a package of documents. Their response, especially in this economy where money is so precious and people are being so careful as to what they spend is to say, well, why do I need that document? In my opinion, everyone 18 years and older should have a Durable Power of Attorney (DPOA). A DPOA is basically a document that allows you to appoint someone to make financial decisions for you if you are not able to make them for yourself for any reason. Lets say for example that you were in a car accident and were in a coma recovering. Well obviously during that time you are not able to pay your bills, manage bank account, pay your taxes and do many other things financially that you usually do. If you have a good DPOA then this document will kick in to play and whoever you have appointed to make those financial decisions for you can step in and start doing those things.
If you were to become incapacitated for any reason and did not have a DPOA then the Court would have to step in and appoint a guardian for you. This process is expensive, time consuming and frustrating for your family.
Many headaches can be prevented just by having the right documents when you need them. If you would like to find out more about this please feel free to contact me.