The Law Office of Dallas Lain

Who would be you if you couldn’t?

For many of your roles, it’s easy to answer that question. If you couldn’t pick up your kids from school, your spouse, family member, or neighbor would step in. If you couldn’t go to work, your boss would either hire someone else, or ask your co-workers to take over your projects until you return.

But who would pay your bills? Who would renew your property insurance covering your house and automobiles? Who would sign on your behalf if your illness made it necessary for your spouse to sell your house?

These questions are all answered by a durable power of attorney. This document is different from the power of attorney for health care that we talked about in earlier posts. A durable power of attorney gives your designated agent authority to conduct your personal and business affairs. In other words, it allows them to spend your money after your death or incapacity.

It’s uncomfortable to think about losing control of your finances. Especially if you have significant amounts of assets. You should choose someone you trust completely, and you should communicate your choice to the rest of your family members so that everyone is on the same page. But you should have a durable power of attorney, so that if you are unable to take care of your affairs, someone can step in and help.

My husband and I handled our durable power of attorney documents the same way we handled the power of attorney for health care. We named each other as our agent to act on our behalf if we die or become incapacitated. We then named each of our moms as a back-up.

If one of us dies or becomes incapacitated, we now have a plan for handling our household and business affairs. A tragic event would be devastating enough; our durable power of attorney documents ensure that uncertainty about who should make decisions won’t add to that devastation. Take some time to figure out who you trust to be you when you can’t. Then, let me help you put your wishes into writing, so that you can have the peace of mind that comes from having a plan.

Related posts:

1. You Need a Plan–Advance Health Care Directive
2. You Need A Plan
3. Much Ado About the Federal Estate Tax
4. You Need a Plan-Especially You
5. Welcome to The Law Office of Dallas Lain

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