Powers of Attorney

Select a durable power of attorney carefully and be sure to use legal help with the paperwork. Think about the following:

Consider drafting a durable power of attorney. Without one, it may be necessary for your family to seek court appointment as a guardian or conservator if you become incapacitated. This appointment process is slow, invasive, and expensive and can be avoided with a durable power of attorney that names an “agent” to handle financial matters in the event of the principal’s incapacity.
If properly drafted, a durable power of attorney should eliminate the need for court proceedings to declare someone incapacitated and to appoint a surrogate to act on their behalf.
Select your agent carefully. There is always a potential for abuse when someone is given responsibility for someone else’s money; the person selected as an agent must be someone of honesty and integrity.
Consider selecting an equally trustworthy alternate agent in case the first choice is unable to serve.
Anyone considering granting a power of attorney should be as specific as possible about what powers are being granted (such as paying bills, cashing checks, buying and selling securities) and for how long.
Legal assistance is highly recommended. The importance of specific language and the danger of abuse make it very important that an attorney be consulted in preparing and executing a durable power of attorney.