What happens if you or a loved one is unable to make crucial financial decisions because of illness or the lack of mental capacity to do so? A Power of Attorney is a written document in which your loved one over the age of 18, with proper mental capacity at the time of signing, can designate another person the legal authority to act on their behalf. This authority can be general authority to act broadly on their behalf or limited to a particular asset, a particular transaction, or a particular period of time. A “durable” power of attorney remains in place even after your loved one loses the mental capacity they once had when the power of attorney was created. Anyone who is age eighteen (18) or over should prepare and execute this inexpensive document, but this is especially important for people with disabilities.
Why you should choose
klf’s legal tool box
While Special Needs Trusts can be very useful and varied, it is just one tool in the KLF tool box: