The Various Aspects of Estate Planning: Durable Power of Attorney

Welcome back. Our lawyer is here to further discuss the various aspects of estate planning in Cary NC. It can be a confusing and difficult topic to talk about. This series of articles can help you learn more about all the documents you can include in your estate plan. Of course, our lawyer is available to talk with you as well. Contact our law firm to make an appointment now.

In our previous blog, we talked about powers of attorney. There are two different types that can be included in an estate plan. Today, we are going to focus on a durable power of attorney. This is an important part of estate planning in Cary NC.

A durable power of attorney is a document stating that someone may act on your behalf financially should you become incapacitated. It is often used in estate planning so that you are able to protect your finances without having to involve the court system. It also helps to protect your family from having to make decisions without your input. They’ll be able to follow the instructions that you leave outlined in the durable power of attorney document.

Here you’ll find some options that you may include when creating a durable power of attorney:

  • Making sure family members are taken care of financially
  • Depositing checks such as Social Security payments and more
  • Monitoring retirement accounts
  • Investing in accounts on your behalf
  • Filing tax returns and paying taxes
  • Buying, selling, or transferring real estate owned
  • Hiring legal representation when and if needed
  • Operating businesses owned

If you haven’t already chosen a durable power of attorney and would like to do so, contact our law firm. We can help you with this part of estate planning in Cary NC or creating an entire plan if you haven’t started to do so already. We can also help you update your current plan if it hasn’t been reviewed in a few years. We suggest that you work with our lawyer to review and update your estate plan at least once every two years. It’s also a good idea to make an appointment to review your plan and make changes if you experience any life changing events such as marriage or a birth in the family.

Be sure to stay tuned for more information regarding powers of attorney. In our next article we will discuss a healthcare power of attorney and how it may benefit you to include one within your estate plan.

Klish and Eldreth | Estate Planning in Cary NC

Remember, estate planning is important. It’s a way to ensure your loved ones are cared for after you’ve passed. It’s also a way to distribute your belongings to specific loved ones as well. It’s important that one not pass without this document. Doing so can result in a court case that will leave your loved ones stuck in probate court. This could be not only time consuming but expensive as well.

Regardless of whether you’re married, single, wealthy, childless or a parent, it’s important for all adults to have an estate plan and the proper documents in place at the beginning of each year. Call our lawyer now to get started with your estate planning in Cary NC.

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