Advantages of a Durable Power of Attorney for Property

A power of attorney allows you to establish someone to act as your agent. Your agent has a fiduciary responsibility to you, which means the agent is required to act on your behalf only in your best interests. The agent can sign contracts and other legal documents, access bank accounts and other assets, and make decisions on your behalf. A power of attorney can be limited and last for only a set period of time, or it can last until you become sick or incapacitated. If you want the agent’s authority to last once you are ill and no longer able to act on your own, you can create a durable power of attorney.

When you create a durable power of attorney for property, you can allow someone to manage your assets. You can also give someone healthcare power of attorney, which allows the agent to make decisions on the medical treatment that you will receive. The advantage of creating a durable power of attorney for property is that the agent that you trust can take care of your real and personal property if you become very sick or are otherwise unable to act on your own. An experienced estate planning lawyer at Pintar Albiston can assist you in understanding your options for creating a durable power of attorney and can help you with the legal process of naming someone as your agent.

Advantages of a Durable Power of Attorney for Property

A durable power of attorney for property gives your agent the legal authority to transfer assets and to make other decisions related to your property. Your agent can take action on your personal property, such as selling your car or getting money out of your bank account. Your agent can also take action on real property, such as selling or renting your home.

By naming someone as an agent to take charge of your property if you become incapable of managing your own financial affairs, you ensure that you protect the value of your estate. Your home won’t sit empty or your bank accounts untouched because no one is able to take care of them. Your agent can make the decisions necessary to protect the value of your assets and estate. However, unlike if you have joint accounts or a joint title, the property remains yours alone and every decision that your agent makes must be done with a focus on what is best for you.

Your agent has the ability to transfer assets so you can qualify for government programs or so you can cover the costs of nursing home or emergency care. When you have a durable power of attorney for property, your family and loved ones can focus on being there for you if you are sick or injured and not on trying to go to court and have someone named as guardian to manage your assets.  You also get to decide who is in charge of managing your property, while the court might appoint someone as guardian that you wouldn’t have chosen if you have not named an agent before you become unable to act.

Pintar Albiston can provide you with assistance creating a durable power of attorney for property. Call today to schedule a consultation and learn more.