Estate plans and the documents that are included in them often focus on what will happen to an individual’s assets after they have passed away. These plans are undoubtedly important as they help to ensure that Buffalo residents’ wishes are honored after they die. However, when drafting their estate planning documents New Yorkers may also want to include some plans for what should happen if they are alive but can no longer make decisions for themselves because they are mentally or physically incapacitated.
A durable power of attorney is a tool that can benefit anyone. Through it, a person may identify another individual who has the power to make financial decisions for them if the document creator is incapacitated and is unable to make these decisions on their own. Illnesses, accidents and injuries can all cause individuals to lose their abilities to manage their own affairs, and the establishment of a durable power of attorney for financial purposes can help a person make sure that their financial affairs will be properly managed.
There are specific rules that apply to the execution of durable power of attorney documents, and a person’s estate planning attorney can help them with those. A durable power of attorney is an important component of a well-rounded estate plan.
The end of a person’s life is a time of great struggle and grief for those who know and love them. Creating sound estate planning documents like durable powers of attorney can help loved ones make responsible decisions about how their ailing relative would have wanted their financial affairs managed.