Estate Planning- Why A Durable Power of Attorney Is One of The Most Important Estate Planning Tools
The Law Firm of Pozzuolo Rodden, P.C., Philadelphia Estate Planning Lawyers, announces the release of the Estate Planning article “Why A Durable Power of Attorney Is One of The Most Important Estate Planning Tools”.
As part of your overall estate plan, you should have a durable power of attorney document. You will save yourself and your family substantial time, money and stress by executing a durable power of attorney. By executing a durable power of attorney, you choose who will control your financial affairs in the event your health fails or in case of emergency. A durable power of attorney is an easy-to-setup backup plan that will serve you in the event you suffer a lifetime disability that leaves you unable to manage your affairs.
A durable power of attorney document is a legal document in which you authorize someone else to act on your behalf. You, as the person granting authority to act, are the principal. The person to whom you grant that authority is the agent. Your agent is a fiduciary and generally held to a fiduciary standard. A fiduciary standard imposes legal and ethical responsibilities on your agent and is a high standard. An agent cannot act in his own personal interests ahead of his duty as agent. When considering who will be your agent, be sure to appoint someone who is prudent, responsible, trustworthy and able make clear decisions. Your agent must be able to put your interests first.
You should also consider appointing a co-agent and backup agents. For example, you may appoint two agents and grant them authority to act on your behalf only if they reach an unanimous decision regarding certain specific actions or singularly concerning certain administrative duties. You may also appoint your spouse as your agent, and in case your spouse dies before you do, you may appoint your child or children as a backup agent.
If you would like to read the full article, please click here.
Contact our Philadelphia Business & Estate Planning law firm with your questions, comments or concerns.