Power of Attorney

What it does:

It is a document that authorizes a spouse, relative, close friend, or trusted advisor to act as your agent and manage your financial affairs or make healthcare decisions as you become fully or partially incapacitated. A durable power may confer as few or as many authorities on the designated "attorney in fact " as the person/owner wishes. However, a durable power cannot authorize the exercise of powers that are personal and non-delegable, such as the power to make a will. Since disability is more of a danger than death for most of us, this is a very important estate planning strategy.

Benefits For Preserving Personal Asset Continuity

  • Provides an important low cost protection for your personal assets against the legal complications of your physical or mental incapacity
  • Protects against the necessity of a guardianship to handle your affairs if you become incompetent; is less expensive to administer than a guardianship and can be used immediately
  • Avoids the delays, and expenses that are often incurred because of incapacity
  • Spares your family from having to prove your incompetence in court
  • Eliminates the need to account to a court and obtain court approval for actions concerning your financial affairs, such as payment of unpaid bills and investment decisions
  • Provides excellent back-up to joint bank accounts and similar arrangements, in the event there are any conflicting claims to the funds on deposit
  • Allows you, rather than the court, to select one or more individuals to manage your affairs if necessary

 

 

 

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Pacific Northwest Law Group
16141 Cleveland Street,
Suite C109
Redmond, WA 98052

Phone: (425)867-0512
Fax: (425)883-4616
Email:info@pnwlg.com