What happens if you become mentally incapable of making decisions for yourself in regards to financial decisions? A durable power of attorney is a great way to handle this situation by choosing an agent, whether it be a family member or friend, to keep your financial assets in check.
What is a Durable Power of Attorney?
The durable power of attorney is a legal tool that allows an individual of your choice to have the power to make financial decisions if you become incapacitated. This designated person has the legal authority to see that wishes you have set forth in your living will are carried out.
Durable Power of Attorney In Use
Complete trust is key when choosing someone to have oversight and decision making over all of your finances. These may include cash, bank accounts, investments, family obligations, claims and litigations, social security payments, debt and bill payments, taxes, and retirement payments.
When Does It Take Effect?
As soon as the document is signed by the person submitting it, this power of attorney takes effect. However, under your direction, it will take effect when you become incapacitated. The person you assign it to can be changed at any time, but note, if the agent needs to be changed after you are unable to do so, the courts will decide for you.
Contact MHPS Law to Get Started on a Durable Power of Attorney
The power of attorney lawyers at Martin Heller Potempa & Sheppard PLLC, with offices in Springfield, TN and Nashville, TN can guide you through completing this process easily and swiftly. We can help you choose an agent that will have your best interests at heart to make the best financial decisions possible when you are not able to do so. Contact us today to get started and let us help you through this important financial process.