Giving someone “power of attorney” (POA) can be a very useful thing. When someone is granted POA, that person becomes empowered to act on another person’s behalf. The grantee of the POA, commonly referred to as the “agent,” will typically be empowered with very specific abilities. For instance, an agent with healthcare POA will be empowered to make decisions related to the healthcare of the grantor. In some cases, an agent will be granted a “general POA,” which means that the agent can make decisions in a wide variety of contexts.
When the grantor of a POA becomes incapacitated due to illness or accident, the POA is typically removed. However, the grantor can create something called a “durable power of attorney,” or DPOA, which will allow the agent to continue with the POA even after the grantor experiences an incapacitating illness or accident.
In this post, we will discuss a few of the primary benefits of a DPOA.
#1: DPOA Avoids Uncertainty & Confusion
When you create a DPOA, this will help avoid a lot of potential confusion and uncertainty. When someone becomes incapacitated, this can lead to considerable uncertainty regarding the administration of that person’s affairs. Typically, the family is left in a state of confusion, and there is a lot of debate and conflict regarding the best way to handle the situation. When someone appoints an agent with DPOA, however, this situation can be avoided, and the agent can continue forward with the same duties and responsibilities as before.
#2: DPOA Can Preserve Your True Intentions
This is related to #1, but is slightly different. When a person appoints an agent with DPOA, they are usually appointing someone who possesses certain capabilities. For instance, they may appoint someone with a specialized legal or financial background. Furthermore, when a person creates a DPOA, they may also give very specific instructions as to how they want certain things carried out. If the grantor becomes incapacitated, not only does the DPOA avoid confusion and uncertainty, the agent is also in a better position to preserve the intentions of the grantor. The agent was handpicked from the beginning to carry out certain responsibilities, and so the grantor is likely best served if the agent remains in the same position after a debilitating illness or accident.
#3: DPOA Can Help Shield Certain Assets
Another big benefit of a DPOA is asset protection. When you create a DPOA, this can shield certain assets from being used; this can be particularly important if the grantor suddenly has heavy healthcare or nursing home needs following an incapacitating event. In order to properly shield assets, additional steps will need to be taken along with the creation of the DPOA. But, with the right devices, a DPOA can ensure that certain assets are used in a specific manner, even in the event of an accident or illness.
Contact the Denise Jomarron Legal Group to Learn More
These are just a few of the benefits provided by a DPOA. If you’d like more information, please contact the Denise Jomarron Legal Group today by calling (305) 402-4494.
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