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A Power of Attorney (“POA”) is an arrangement whereby an appointed agent is given the ability to manage certain aspects of another person’s affairs. In most cases, the agent manages healthcare and finance issues. However, the agent can manage other areas as well. Frequently, an agent has limited powers. This means that the agent will lose the powers if the grantor (you) becomes incapacitated. However, a grantor can sign something referred to as a “Durable Power of Attorney” ("DPOA"). The DPOA states that the selected agent can preserve the powers even in the event that the grantor becomes incapacitated. Granting a DPOA can bring about numerous benefits to the grantor and the grantor’s family. In this post, we’re going to identify a few of the most significant benefits of a DPOA.
#1: Power of Attorney Agent Selection and Guidance
When you appoint a DPOA agent, you are able to select a person to manage your affairs in the event you become incapacitated. In this way, a DPOA confers a major advantage over a standard POA. A standard POA will terminate automatically upon your death and a court will appoint a POA on your behalf. With a DPOA agent, you have the ability to guide the person who will assist you if a difficult situation ever arises. The flip side is that you need to be sure of the capabilities and trustworthiness of the person you select. If you select the wrong person, the consequences could be severely negative.A DPOA also allows you to guide your agent ahead of time, before a crisis occurs. If you end up with a court-appointed agent, the agent won’t know how you’d like things to be handled. With a DPOA, you can counsel your agent in advance in order to ensure that everything is handled properly.
#2: A Power of Attorney Can Help to Avoid Family Squabbles
Another benefit of a DPOA is that this arrangement helps prevent family squabbles and disputes when someone becomes incapacitated. Whenever someone becomes very ill or becomes injured in an accident, the family often becomes involved in disputes. A DPOA will essentially prevent these types of disputes from the outset. This is because the grantor is able to select an agent and then guide him or her through these issues in advance.
#3: A Durable Power of Attorney Provides Asset Protection
A DPOA also provides benefits in the area of asset protection. If a person becomes incapacitated, this person’s assets could be used to pay for medical services. If the grantor wishes to avoid this and prefers to redirect funds, this is possible with a well-crafted DPOA. To achieve this outcome and shelter assets, the grantor will usually need to enlist the services of an experienced attorney.
Contact The Murphy Law Firm for More Information
These are just a few of the benefits which can come with a DPOA. If you’d like to learn more, contact The Murphy Law Firm today by calling 240-493-9116.
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