What Are the Disadvantages of a Power of Attorney?

Incapacity planning is an essential piece of the puzzle when you are devising a long-term plan for aging. Many elders become unable to make sound decisions at some point in time, and you can account for this through the execution of a certain type of power of attorney. You are probably aware of the fact that a power of attorney is a legally binding document that can be used to give another person the power to act on your behalf. A standard power of attorney would no longer be in effect if the grantor of the power was to become incapacitated. To account for this, you would use a durable power of attorney to name someone to act on your behalf in the event of your incapacitation, because a durable power of attorney would remain in effect. Though a durable power of attorney can be an effective incapacity planning tool, there are some potential disadvantages to take into consideration. For one, if you execute a durable power of attorney, you would probably want it to be effective right awa


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