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How to Plan Your Estate, Part 2 |
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Consider getting a durable power of attorney so someone can sign documents for you if you are unavailable or incapacitated.
If you don't have a durable power of attorney, a court can appoint a guardian for you if you become incompetent. However, this is often costly and time-consuming. If you need someone to look after your affairs, a durable power of attorney can be an inexpensive alternative. Be sure to complete the arrangements ahead of time before the need arises.
Be cautious whom you appoint to act for you under your durable power of attorney.
A durable power of attorney is a "blank check" that will typically allow your designee (called your agent or "attorney-in-fact") to clean you out. That person could have the power, for instance, to empty all your bank accounts and sell your house out from under you. To be prudent, you may want to consider giving this authority only to a spouse or a blood relative.
Understand the difference between a will and a power of attorney.
Your will has no effect while you live, but takes effect at your death. A power of attorney can be used to have someone act for you while you live, but becomes useless when |
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