Power of Attorney and Durable Power of Attorney | Estate Lawyer in Cary
Planning for the future is important to ensure your financial security but often people are overwhelmed when it comes to the legal aspects of it. It doesn’t have to be difficult. Our estate lawyer in Cary can help you define common terms so that you can be better informed.
Power of Attorney | Estate Lawyer in Cary
A power of attorney is a legal document naming someone to act on your behalf in legal, financial and even health matters. The person doesn’t have to be a lawyer. You should choose someone you trust to make decisions in your best interest when you are unable to do so. You can specify which decisions he or she can make as well as set time period limits.
The person you designate as having your power of attorney is able to make decisions such as entering into contracts, buying or selling real estate, writing and cashing checks for you, submitting tax returns and overseeing your business. He or she is able to do anything that you would do yourself, depending on what you have designated in the contract. The power of attorney restricts them from acting outside of what you have outlined.
In some cases, you may only need a power of attorney for one event. An example would be if you moved out of state but left behind property that you wanted to sell. Rather than travel back and forth in order to complete the paperwork, you could designate someone to have power of attorney for this particular situation to sell the property on your behalf.
A durable power of attorney is a document stating that someone may act on your behalf should you become incapacitated. It is often used in estate planning so that you are able to protect your finances without having to involve the court system. It also helps to protect your family from having to make decisions without your input because you have already outlined your instructions.
If you're interested in learning more about the different types of powers of attorney, be sure to visit back with us during our next blog post. Our estate lawyer in Cary will have even more information to share with you!
Eldreth Law Firm, PLLC | Estate Lawyer in Cary
Contact us with any questions or concerns you may have about the difference between a power of attorney and a durable power of attorney. Our estate lawyer in Cary is here to help you plan for your future to ensure that your assets are protected should you become incapacitated.
As always, feel free to contact us with any questions or concerns you may have about estate planning. Also contact our estate lawyers in Cary to schedule a consultation if you have yet to start estate planning. It's never too early to make plans for your wishes upon death. In addition, our attorney is here to help you with all your legal matters, whether it be estate planning, divorce, child custody, trademarking, copyrighting, or DWI issues.