One of the cornerstones of elder law planning involves a durable power of attorney that helps you safeguard against a possible inability to manage your own affairs. Many people are familiar with the benefits of having a will to allow smooth distribution of assets upon death. Others, however, skip out on planning for a possible disability that could render them unable to manage their personal, financial, and business affairs. While you’re aware of the benefits and are of sound mind, it’s a good idea to establish a durable power of attorney so that your interests are protected.
A durable power of attorney allows you to name the person who will manage your affairs in the event of a disability. This eliminates the necessity of otherwise having a guardian appointed to help you, which requires a court procedure. Since disability can happen as a result of numerous causes, like old age, an accident, illness, or an injury, it’s simply prudent to think about who can help you manage your affairs. While disability is something that no one wants to consider, it’s a possibility that should be safeguarded against. Even if you’re approaching old age in relatively good health, you should contact an elder law professional to set up your durable power of attorney sooner rather than later.
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