Do you have a Durable Power of Attorney? What about your spouse or your parents?
A Durable Power of Attorney is a legal document that grants another person the authority to act on your behalf. You may choose when the Durable Power of Attorney becomes operative, and what acts the person granted the authority may perform on your behalf.
A Durable Power of Attorney can become effective immediately upon signing, or may become effective only if you become incapacitated or incompetent in the future. A Durable Power of Attorney may allow another person to act on your behalf for a single event, such as the power to sell your real estate only. A Durable Power of Attorney may also allow another person to act on behalf to do any act you may legally do. Your attorney can guide you regarding what options will fit your needs.
If you do not have a Durable Power of Attorney, now is the time to obtain one. A Durable Power of Attorney cannot be granted by an individual who is incompetent. If the person who requires a Durable Power of Attorney is incompetent, the alternative is to seek a guardianship of that person through the Probate Court, which can be an expensive and time consuming process.
Brought to you by the attorneys at Bailey & Gunderson Co., L.P.A., with offices in Norwood and Western Hills. Phone: 513-631-0022.
