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A
durable power of attorney can be the most important legal instrument
an individual executes. It can provide a tool for preserving as
much as possible the autonomy of a mentally impaired adult, allow
a trusted agent to carry out financial transactions that the individual
would if he or she was legally able, and avoid the trauma and expense
of conservatorship or plenary guardianship proceedings.
The attorneys
at Hettinger & Hettinger P.C., realize that both the client
and the attorney must pay careful attention to the specific provisions
included in any durable power of attorney. Both attorney and client
must work together in determining which person or entity would be
an appropriate choice for the role of attorney-in-fact and what
the scope will be of the powers granted. Attorney and client must
consider how to ensure that the durable power of attorney will be
used only for its intended purposes.
There are different
types of power of attorney. The financial power of attorney allows
one individual, the "principle", to authorize one or more
other people to take legally binding actions on behalf of the principal.
A power of attorney therefore authorizes the grantee, known as the
"attorney-in-fact" or "agent", to act with respect
to the subject transaction as if the agent were the principle. This
power may be limited to one specific action, a special power of
attorney, or it can authorize almost any transaction that could
be undertaken by the principal acting on his own behalf.
When a person
is now incapacitated, and failed to plan by executing a power of
attorney, the court may step in. To ensure that your care is set
up, and that you can be confident that you know how your affairs
will be handled, it is wise to execute a power of attorney. Call
Hettinger & Hettinger P.C. for help and advice in securing your
future.
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