If you're gearing up to start estate planning in Raleigh NC or need to update your will, you may be considering powers of attorney. One question you might have is, "Do I need a durable power of attorney?" The best way to answer this question is to learn more about what a durable power of attorney is. Here and over the next two blogs, our estate lawyer will have information for you that can help you make the decision. Of course, you can also contact our lawyer to talk more about this and estate planning in Raleigh NC.
What is a Durable Power of Attorney | Estate Planning Raleigh NC
There are two different types of durable powers of attorney. Essentially, each type can make decisions on your behalf, in the event of incapacitation. However, the decisions being made fall into two categories. One deals with financial decisions and the other, healthcare decisions.
Today, we are going to focus on a financial durable power of attorney. Remember, if you have any questions during this article, please feel free to contact our estate planning lawyer.
Financial Durable Power of Attorney
The person designated to handle financials in the event that you become incapacitated won't have to be a professional or expert in finances. Many people choose a friend or family member that they know and trust. A durable power of attorney for finances might be in charge of the following, should you become incapacitated:
- Buying, selling or transferring real estate
- Depositing checks such as Social Security payments
- Filing tax returns and paying taxes
- Hiring legal representation if you need it
- Investing in accounts on your behalf
- Monitoring retirement accounts
- Operating your business
- Paying bills
- Seeing that family members are taken care of financially
In situations where there is no durable power of attorney for finances, it's possible the assets may be frozen until the court decides on someone to make decisions for you. Because this is the case, it's important to choose someone to add to your estate plan so that you have control over your affairs and who takes care of them when you cannot.
Considering a durable power of attorney for healthcare can be difficult. It's hard to think about tragedies that might happen in the future. However, it is important that you consider choosing to add this type of power of attorney to your estate plan. Because we never know what the future might hold, being prepared is key.
To learn more about a durable power of attorney for healthcare, be sure to visit back with our blog soon. There, you'll find more information that can help you make a decision on whether or not you need powers of attorney, as well as who to choose for this position.
Eldreth Law Firm, PLLC | Estate Planning in Raleigh NC
Are you thinking of estate planning now, so that when the time comes your affairs are in order and you have representatives that will take care of them for you, should you pass in an untimely death or become incapacitated? If so, contact our office today.
Working with a lawyer to help with estate planning in Raleigh NC will help you ensure that you include everything that’s needed for estate plans. Wills, trusts, durable powers of attorney and other things are important to include if they’re needed. Call now to discuss the documents that might be included in an estate plan and what they’re used for so that you’ll be more familiar with the ins and outs of estate planning.
As always, feel free to contact us at our office to schedule a consultation with if you are looking for a lawyer to represent you in other legal matters. We are here to assist you with small business needs, trademarking, copyrighting and other legal matters you might find yourself in.