Caro durable powers of attorney are powerful legal documents that residents of Michigan’s shoreline communities can use to plan ahead in case of incapacity. You should strongly consider creating a power of attorney to provide instructions for who can make decisions on your behalf if something should happen to you. There are many reasons to create durable powers of attorney that Biddinger & Estelle can discuss with you so you can better understand the benefit of these powerful legal tools. In particular, five reasons to create Caro durable powers of attorney include the following.
Protection for Assets
When you become incapacitated, you may be unable to take necessary steps to manage your investments and to protect your wealth. If you create a durable power of attorney, it will remain in effect when you are incapacitated and it will transfer the authority to manage your assets to the agent that you selected when you created your durable power of attorney. The agent you chose will have a fiduciary duty so you can count on the agent to manage the assets with your best interests in mind. Since there will be no delay in determining who manages your wealth when you can’t, and since you can choose a person with the knowledge and skill to manage your wealth appropriately, your assets will be protected.
Control Over Your Own Destiny
If you do not select who will make decisions and manage your affairs in case of incapacity, then your loved ones could be forced to initiate guardianship proceedings and the court could end up deciding who is in charge of making decisions on your behalf. If you don’t want to lose control over who acts for you when you cannot act on your own, you need to create durable powers of attorney.
A Timely Transfer of Authority
Guardianship proceedings are the process by which your family can get decision-making authority over you when you become incapacitated. Going to court and having a guardian appointed takes time. During this time period, there is uncertainty over who gets to make decisions on your behalf. During this period of uncertainty, the value of assets could be lost and there could be issues determining what kinds of care you should be receiving and who should be providing it. If you have created a power of attorney and named a trusted agent, that agent can immediately get authority to act on your behalf so there’s no delay and confusion.
Avoiding Family Fighting
Your family members may have very different opinions on the kinds of decisions that should be made on your behalf and they may have very different opinions over who should be in charge of making those decisions. If you have expressed your preferences in advance for who should be in charge and act as your agent, your family will simply have to accept the decision that you have made. If you have not taken action in advance, though, this could lead to a situation where your loved ones end up fighting over what should happen. You don’t want to be responsible for your loved ones having disagreements so it is best if you simply take control and express your wishes by creating a durable power of attorney.
Avoiding Court Involvement
If you haven’t expressed your preferences in advance and your family members must initiate guardianship proceedings, this puts your loved ones in a position to go through a stressful court process at the same time as they are coping with your incapacity. You don’t want your family to have to pay the costs associated with guardianship proceedings and you don’t want your loved ones to have to deal with the difficulties associated with court action just because you have not made plans in advance. When the court appoints a guardian, the court also continues to be involved in overseeing what the guardian is doing, which means that the court is involved in private family affairs. This can be undesirable for you and your loved ones.
Getting Help with Caro Durable Powers of Attorney
As you can see, Caro durable powers of attorney can be vital legal tools that you need to help you accomplish many goals in planning ahead in case of incapacity. To find out more about the ways in which a power of attorney can help you to be prepared for life’s uncertainties, talk with an experienced attorney at Biddinger & Estelle. Give us a call at (989) 872-5601 or contact us online today to find out more.