Do I Need A Durable Power of Attorney?How is a power of attorney different for a family that is using a sophisticated method of estate planning versus a family that using simple methods like a trust
How is a power of attorney different for a family that is using a sophisticated method of estate planning versus a family that using simple methods like a trust or will? First, let's review the concept of a power of attorney. If you become incapacitated and have designated a spouse, child or neutral 3rd party as your power of attorney, the designated party can handle your affairs. Regardless of the type of estate planning you are doing, you should have a power of attorney. Without one, no actions could be taken without going to court and having a judge confirm any actions beforehand. This is a time consuming and difficult process. As part of a durable power of attorney, we can grant authority to the people you designate to move funds, continue to plan your estate and run a family business even while you are incapacitated. This is not a simple form; it is a complicated procedure and it's not right for everyone. If you have a 401k, a traditional or Roth IRA, real estate or a business, you should consider a more sophisticated power of attorney. If you have questions powers of attorney, please call David M. Frees at 610-933-8069 or email him directly at [email protected] to learn more.