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Why is a Durable Power of Attorney useful in estate planning?

A: A Durable Power of Attorney is a legal document in which you designate an individual (called your attorney-in-fact) to act on your behalf in any of the matters that you would handle if you were present and not incapacitated. Your attorney-in-fact will carry out your intentions concerning banking, business, gifts, investments, insurance, and other estate planning procedures. Since your attorney-in-fact may manage your financial affairs, you may choose not to spend the funds necessary to establish a revocable trust. You may also be able to avoid the costly court proceedings of appointing and supervising a guardian. Whereas the guardian is under the strict supervision of the court, the attorney-in-fact is not subject to expensive court procedures and related time delays.

The Kramer Law Firm LLC
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