General Durable Power of Attorney (GDPOA) Attorney Serving Hennepin County, Ramsey County, and the Twin Cities Metro Area
If you are unable to manage your finances and other affairs, you will need someone to perform those duties for you. Most people would prefer to designate a trusted person to fulfill these obligations, and they appoint that individual through a General Durable Power of Attorney (GDPOA).
The Scope of a GDPOA is Up To You
When Ward Law, PLLC drafts a GDPOA for a Twin Cities metro area client, we will name the agent and his or her authorized duties. Some clients will give this agent signing powers for contracts along with financial management duties, while some will limit permission to financial matters. It is all up to you and you can make the powers are limited or as extensive as you feel they need to be when you are unable to control matters yourself.
A GDPOA Now Means Fewer Expenses Later
The GDPOA is only valid for as long as you are alive. Once you pass away, it is up to your other estate planning to manage your affairs. If you do not have a GDPOA, and you become incapacitated, a more involved and expensive Guardian/Conservator is required before anyone can act on your behalf.
It is understandable that no one, especially those Lakeville residents in the prime of their lives, wants to anticipate becoming mentally or physically incapacitated some day. However, the GDPOA is a “just in case” measure that offers peace and mind and some control during times when both seem out of grasp.
Contact Ward Law, PLLC today at (612) 751-7519 if you would like to discuss the GDPOA and other estate planning elements further.