A Little Planning Now Could Save You Thousands Later
May 27th, 2016 by JBWK
Submitted by Berkley D. Foltz
Perhaps you have heard before how important it is to have a will. Maybe you have said to yourself I do not need a will right now because I don’t have kids or because I don’t really own all that much. Another reason you may dismiss the idea of a will is because you are fine with having your assets pass according to Virginia intestacy laws. Those things may all be true for you. However, have you ever heard of the importance of having a durable power of attorney? This document is important no matter what stage of your adult life you are in.
A durable power of attorney allows you to designate a person that can take care of your financial and legal matters when you are unable to do so. Additionally, a medical power of attorney allows you to designate a person to make medical decisions for you if you cannot. The durable power of attorney can be drafted to cater to your specific needs and wishes. For instance, you may choose to allow the person you designate to act for you immediately or, in the alternative, to act only once you have been deemed incompetent to do so.
The great advantage of this document is that you are allowed to choose the person you would like to take care of your matters and it will save you and your loved ones time and money. The reason for this being that if you do not have a durable power of attorney and something were to happen to you which renders you incompetent, your loved ones would be unable to act for you unless and until they petition a court to become your guardian and conservator. This is a lengthy and expensive process in which a court becomes involved and evaluates your mental status and determines who may serve to make your decisions for you. In making that decision, a judge will look at all of your financial information and medical records; a very invasive procedure. Thus, it is much better for both you and your family if you do a little planning and have an attorney draft a durable power of attorney for you that will meet your needs. If you would like to learn more information, contact JBW&K to set up a meeting.
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