Many people mistakenly think that they have control over a loved one’s property by virtue of being a parent, a child, or a spouse. This is wrong! If you are disabled (hospitalized, nursing home) and unable to act for yourself, no one else can deal with your property. No one else can speak with social security, the IRS, the bank, even a utility provider if the account is solely in the unavailable person’s name. This even includes assets that are jointly held. Everyone, even young adults, should have a Durable Power of Attorney appointing someone they trust to immediately step into their shoes. Otherwise that loved one will need to get a guardianship and/or conservatorship to gain access, which is time consuming, burdensome, and extremely expensive.
Durable Powers of Attorney have strict requirements from state to state. For example, Maine has statutory notices that must be in every Maine Durable Power of Attorney. Grabbing a Durable Power of Attorney on-line is not a good solution and puts you at risk for having invalid documents.
Don’t ignore this critical document and leave your assets unprotected. EVERYONE must have a Durable Power of Attorney today.
-Kathryn Bedell, Esq.