Durable Financial Power of Attorney in Columbia County
Speak to Our Certified Elder Law Attorneys
As we get older, there are a growing number of issues that must be dealt with, including legal matters. If you don’t take proactive steps, you may find yourself in a situation where you are unable to make a financial decisions, due to injury or illness, and your loved ones might have no idea what to do for you. Working with a legal team who understands the problems faced by elders can prevent these complications before they arise.
At Kreisher Marshall & Associates, LLC, our lawyers have dedicated their careers to assisting seniors. Our goal is to help protect you, your family, and your wealth no matter the circumstances. Contact us at (570) 784-5211 to learn more about how to defend yourself against worst-case scenarios.
What Is a Durable Financial Power of Attorney?
A power of attorney is a legal document that allows you to choose a person who can act in your place. In normal circumstances, this kind of document is nondurable, meaning it will automatically end if you lose your mental capacity. Fortunately, there is a specific type of financial document known as a durable power of attorney that remains in effect after you have become incapacitated and are no longer able to make decisions.
Should something happen to you, and you cannot make your wishes known when it comes to your finances, it will be challenging for your relatives and other loved ones to act on your behalf without a durable power of attorney. It may involve expensive litigation, and could leave your family members fighting each other as they try to figure out what is in your best interests.
By creating a durable financial power of attorney agreement, you get to decide who will be your decision-maker if and when you lose the ability to do so for yourself, and at the same time, you can make your wishes known regarding how you want your business handled.
What Do You Need for a Valid Power of Attorney Agreement?
While some forms of power of attorney are meant to be temporary, such as when someone appoints an agent to represent them in a specific transaction, a durable power of attorney must be comprehensive in spelling out what your appointed agent is responsible for. A vague or incomplete document could be just as bad as no document at all.
The list of tasks that can be assigned through a financial power of attorney include:
- Making bill payments
- Filing your taxes
- Overseeing your financial assets, such as real estate
- Managing your bank accounts
- Making financial investments
- Hiring experts to handle your financial portfolio
- Selling your property or assets
- Purchasing insurance in your name
- Managing your business
A power of attorney can be quite inclusive, so it pays to be careful when designating your financial agent and what tasks they are responsible for performing. If you haven’t been explicit when assigning duties in the document, your agent may not be able to legally perform them.
Furthermore, it should be noted that we are only talking about your finances. When it comes to medical decisions, you have to set up a separate power of attorney, living will, or advance directive, though you can name the same agent to make those decisions if you want.
Consult with an Experienced Pennsylvania Elder Care Lawyer
It’s important to prepare for the future. One of the best ways you can protect your own and your family's well-being is with the assistance of a Columbia County elder law lawyer. At Kreisher Marshall & Associates, LLC, we’ll assist you in settling your affairs with a minimum amount of stress and confusion. Get the peace of mind you deserve. Call us at (570) 784-5211 and schedule a consultation.