“Annette, what is a Durable Power of Attorney for Property Management?
Do I need one of these? I am a small business owner a homeowner and not sure if I need this. “
A durable power of attorney for financial management allows an individual to provide for continuing management of their assets in case of future incapacity. The “durable” means that the power of attorney continues to be effective despite the incapacity of the person who signed the power of attorney. Very old powers of attorney may not be durable, so they are no help if someone becomes incapacitated, which is when you really need them to be effective.
There are different ways that the “power” becomes effective; either immediately or on the incapacity of the person who executed the power. Everyone over the age of 18 needs a power of attorney for financial management and an Advance Health Care Directive.
Who could handle your affairs if you became incapacitated? If you do not have papers in place, the court will appoint someone to help you and the court will supervise that help, in the form of a conservatorship.