There are several reasons why an individual may wish to grant this POA, but it often is granted in contemplation of the potential of the grantor becoming incapacitated and not being able to express their wishes. If they become incapacitated, they’ll need a durable power of attorney to be in effect. This process can be confusing and complex, which is why it’s always in your best interest to consult with a Hendersonville durable power of attorney lawyer.
Defining Durable Power of Attorney in Hendersonville
With essential estate planning documents, a durable power of attorney (DPOA) is vital. It provides your chosen agent (the person you granted the authority) the power to handle your financial and legal affairs. If you were to lose mental capacity without a durable power of attorney, the court would designate a guardian to handle your affairs. Guardianships are expensive and difficult, but they’re also largely avoidable when you have proper estate planning.
A durable power of attorney helps you plan for declines in mental functioning and medical emergencies and helps ensure that your finances are taken care of. Having these vital documents in place can help eliminate uncertainty and confusion if it comes time for your family members to make difficult medical or financial decisions on your behalf.
Types of Durable Power of Attorneys in Hendersonville North Carolina
There are various types of DPOAs:
1. General Durable Power of Attorney
This type of DPOA authorizes an individual to act in a large range of business and legal matters. It stays in effect even in the event you become incapacitated. The general DPOA document is also known as a DPOA for finances. It may take immediate effect or become effective only if you’re incapacitated.
The individual you designate is referred to as your attorney-in-fact or agent, although this person doesn’t necessarily need to be a power of attorney lawyer in Hendersonville. An agent or attorney-in-fact can handle various types of transactions, which include:
- Managing bills, bank accounts, or investments
- Buying or selling property
- Applying for government benefits
- Filing tax returns
If you don’t have a general DPOA in place and you become incapacitated, your loved ones may then have to go to court and have you legally declared incompetent prior to them being able to handle your finances for you.
2. DPOA for Healthcare
A durable healthcare power of attorney becomes very useful if you have a medical emergency where you’re left unconscious or in a state where you’re unable to make important decisions about your care. It will designate another person to communicate on your behalf with physicians and make essential medical decisions for you.
This document differs from a living will or an advance directive, which details your preferred treatment if you can’t communicate any longer and are at the end of your life. A healthcare DPOA will name a person to make vital medical decisions on your behalf whenever you’re unable to do it yourself, even if you’re expected to recover fully.
Can You Use an Online Form or Hire a Powers of Attorney Lawyer to Create a DPOA?
It’s always best to hire a Hendersonville durable power of attorney lawyer who is experienced and knowledgeable in elder law and asset protection. A good durable power of attorney allows for things like:
- Asset protection planning
- Medicaid planning
- The establishment of living trusts through your agent
- Probate avoidance
Most online documents, even the durable power of attorneys that are created by non-DPOA lawyers, don’t allow for advanced planning powers. A cheap online durable power of attorney form is no way for you to ensure your nest egg is protected. A well-drafted durable power of attorney crafted with the help of an experienced Hendersonville powers of attorney lawyer can help ensure your assets stay protected from high nursing home care costs or other expenses related to your sudden incapacity.
You have every right to revoke your POA if you’re mentally competent. This should be done in writing. It’s also in your best interest to notify any business or financial institution that your agent or attorney-in-fact has dealt with.
Contact a Reputable Hendersonville Durable Power of Attorney Lawyer Today at King Law
It’s always good to have an experienced powers of attorney lawyer on your side when dealing with a legal issue, including implementing a durable power of attorney. At King Law, our legal team is standing by to serve anyone in Hendersonville with quality attorney services.
Our reliable Hendersonville durable power of attorney lawyers at King Law can assist you in planning for what occurs in the event you become incapacitated or disabled. Please give us a call today at (888) 748-5464 or (888) 748-KING to schedule a consultation. Alternatively, fill out our contact form.