Taking the time to prepare your power of attorney now while you are healthy and able to do so will make the process easier for your relatives and loved ones, who will be responsible for managing your financial and medical affairs in the event of your disability or incapacity. Without a durable power of attorney, the court could become the ultimate decision maker regarding your financial and medical needs.
If you did become disabled or incapacitated at some point in the future and had assets but did not have a power of attorney, the court would then have to appoint a guardian to manage all of your affairs. This is the least desirable option since it would involve your attorney and physician as well as court hearings, and would not only be time consuming but costly also. Once the court has appointed a guardian they will be empowered to act on your behalf, and you will lose a number of legal rights to act on your own affairs. In most cases the guardian will remain until removed by the court, during that time the guardian mostly likely will be required to submit interim reports to court adding to the expense.
Under a durable power of attorney you have chosen the individual you personally feel confident in to manage your affairs, not the court. You can also revoke the power of attorney at any time as long as you give actual notice to your chosen agent, usually in writing hand delivered, or via certified mail, also a power of attorney is revoked by operation of law at the time of your death.
Carefully planning and taking the time to draft your power of attorney now when you are physically able to do so will make it much easier on your loved ones, to manage your affairs if or when you become disabled or incapacitated.
Contact the Law Offices of John A Russo for more information regarding Power of Attorney.