Incapacity planning should be part of the equation when you are planning your estate. Of course you want to arrange for the transfer of your monetary assets after you die. But what about the period of time that will precede your passing? You should prepare for latter life contingencies as well. Possible Incapacity Many people become incapacitated to one extent or another before they pass away. If you were to become unable to handle your own financial decision-making, who would act on your behalf? You can answer this question by executing a legally binding document called a durable power of attorney. A standard power of attorney that was not designated as durable would not remain in effect if you were to become incapacitated. This is why durable powers of attorney are used for incapacity planning purposes. When Is It Effective? When you execute any type of power of attorney it is generally going to become effective as soon as you sign the document. However, you could prescribe a certai
Posted on: Tue, 13 May 2014 16:47:14 +0000
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