OVI – Should I Provide a Breath Sample?November 20, 2019
Estate Planning Goals and ObjectivesNovember 20, 2019
General Durable Powers of Attorney
A general durable power of attorney is one of the most useful estate planning documents, and one that should be considered essential by nearly every adult. A general durable power of attorney allows you to designate another person to handle your financial business and affairs in the event you become incapacitated and unable to handle these matters yourself. Unlike a will, a power of attorney of this nature goes into effect under the conditions you specify and remains in effect so long as you are alive. To learn more about your estate planning options, contact the seasoned Ohio estate planning attorneys at Walker Novack Legal Group, LLC by calling (614) 423-8276.
Powers Granted Under a General Durable Power of Attorney
The powers and authority that a person receives under a general durable power of attorney are expansive, and with good reason. If you are nonresponsive and in a hospital, you need someone who can ensure money is available for your care, inform banks and other financial institutions of your situation, and that bills are timely paid. In general, a power of attorney is able to:
- Make deposits and withdrawals from your accounts
- Make purchases and invest your assets on your behalf
- Sell property and enter into sales agreements or contracts
- Contract with and hire professionals like lawyers and accountants
You can, however, limit the powers that your power of attorney can exercise. These limitations must be specified and will not be able to be modified once the power of attorney goes into effect. Regardless of the number of powers granted to the power of attorney, he or she must use those powers on behalf of and for the interests of the person who created the power of attorney.
When Does a General Durable Power of Attorney Take Effect?
A general durable power of attorney takes effect when the document states that it takes effect. Common language may provide (for instance) that a general durable power of attorney takes effect when two physicians state that the person’s physical or mental condition is such that he or she cannot adequately care for his or her own needs. Each individual who creates a general durable power of attorney can specify what conditions must be present in order for the general durable power of attorney to take effect.
How General Durable Powers of Attorney Form Part of a Complete Estate Plan
Because estate plans exist to help you and your family be prepared for the unexpected, it makes sense that a general durable power of attorney should be part of nearly every estate plan. With one in place, there would be little confusion among a person’s family and friends concerning who is to take charge of the person’s financial affairs. This can be especially important if something were to happen suddenly that resulted in the person’s incapacitation.
Your Estate Planning Attorney is Waiting to Assist You
If you need assistance creating a general durable power of attorney or other estate planning document, Walker Novack Legal Group, LLC is here to help. We help clients create customized estate plans that can provide a sense of security and relief against the uncertain future. Call Walker Novack Legal Group today at (614) 423-8276 and schedule a consultation with us learn more about your estate planning options.