Being a property owner gives you the right to decide what happens to that property as long as you are
of sound mind. But what happens if you become incapacitated through illness or accident and are unable to manage your own
affairs? A court order may revoke your right to manage your own money and appoint a guardian for yourself through a durable
power of attorney. There is a very good chance that the guardian will be a complete stranger to you.
A power of
attorney is a written authorization for someone to act on your behalf for whatever purpose you spell out in writing. It expires
if you become mentally incapacitated, the time you most need help. Durable powers of attorney continue to operate even if
you become unable to manage your personal and financial affairs.
In other words, don’t you want to name
the person who will manage your money when you no longer can? As long as you are mentally capable of making decisions, you
can revoke the durable power of attorney whenever you like. You should validate your choice of durable power of attorney with
your lawyer every four to five years to show that your intention still holds.
