Durable Powers Of Attorney
Everyone should have a durable power of attorney. Period. You will then have the peace of mind knowing that, whatever may happen to you, your loved ones will know what you would want to do with your assets, the extent of any extraordinary measures you would want to extend your life, and other urgent matters.
The reason to execute one now is that, should something render you incompetent, you could not then take action. If you are not competent to make important decisions, you are likewise not competent to execute a legal document. You can revoke a power of attorney at any time.
Power Of Attorney
An ordinary power of attorney can be used to document your wishes but would become invalid upon your incapacity or death. A durable power of attorney, however, remains in effect.
The Delaware legislature recently enacted new law allowing you to be very specific in your instructions and requiring that they be strictly honored.
An additional reason to execute a durable power of attorney is cost. The document is very affordable, at about $200. But if you do not have one, and your family needed the legal power to make decisions for you, they would have to seek a guardianship. This costs many times more and is more complicated and time-consuming to obtain.
Delaware Estate Planning Lawyer
Elder law attorney Bonnie M. Benson will be happy to explain all details of this crucial tool to you. She has served individuals and families in Kent and Sussex counties for more than 35 years.