Durable Power of Attorney
A plan simplifies complex matters that could take place in the future. For example, identifying a trusted individual with the legal responsibility to manage your finances will help you and your family should you become incapacitated.
With a durable power of attorney, you eliminate the need for a court-appointed guardian to make decisions about your finances. You may choose to give a power of attorney to your spouse, partner, or a close relative. Our experienced attorneys at Loberg Law Office, LLP help you in preparing and finalizing this legal document.
Entrust Your Financial Assets to a Dependable Individual
Unlike a living trust that only lets trustees transact business for properties in the trust, this power of attorney gives your chosen agent the authority to manage non-trust assets that fall under your name.
Your chosen agent’s durable power of attorney my go into effect the moment you sign the legal document. Alternatively, you can arrange for it to go into effect when your incapacity is certified.
The durable power of attorney ends when you revoke it or if the court invalidates the legal document. The latter rarely happens, though. If you get a divorce, consider drafting a new document as soon as you file for divorce.
Your agent’s authority may extend to any or all of these scenarios:
- Managing and distributing your assets to pay for daily expenses
- Buying, selling, maintaining, and paying taxes on real estate
- Collecting social security and other government benefits
- Transacting with banks and managing your retirement accounts
- Investing your money in stocks, bonds, and mutual funds
- Hiring an attorney to represent you in court proceedings
- Transferring property to an established trust
- Claiming property that you are entitled to
- Paying your bills and filing your taxes
- Operating your small business
Given these possible responsibilities, you have to make sure that your agent is after your best interests. Appoint someone who can maintain accurate records, keep their assets separate from yours, and stay away from conflicts of interest.
Secure Your Financial Matters Today
No matter how simple it seems to appoint someone to act on your behalf in the event of incapacity, legal advice is still crucial. An experienced attorney identifies potential complications and prepares legal solutions that secure your finances.
Contact us today for more information about the durable power of attorney in Wisconsin.