Perhaps you have reached a point in your life where you want to begin your estate plan. There many reasons why people finally get around to this – they have children, they are planning a trip, or Dave Ramsey told them they should. Similarly, there are many elements to a complete estate plan. But there is one element that you should prepare immediately. This element is the durable power of attorney.
What is a durable power of attorney and why is it so important? A power of attorney is a legal document in which you grant to another person (or several people) the power and authority to act on your behalf and make decisions on your behalf in all matters other than health care matters (health care matters being governed by a separate legal document, the health care directive). When the powers that are granted continue after a person becomes incapacitated or incompetent it is called a durable power of attorney. Thus the durable power of attorney allows someone else (someone you trust) to act on your behalf if you are not available or able to act. In the absence of a durable power of attorney your loved ones would have to go to court and be appointed guardian and conservator, a potentially expensive and time-consuming process.
Preparing an effective power of attorney takes very little time and is inexpensive. Forms are available from various on-line sources and for Minnesota residents, in the power of attorney statute, Minnesota Statutes § 523.23.
If you have questions about durable powers of attorney or would like help preparing or reviewing your power attorney, please contact Law-telier, at the email shown to the right.
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