An estate plan is a comprehensive set of legal documents that helps a person prepare to distribute their assets and wealth when they are no longer alive. A good estate plan prepares for various outcomes and events that may occur at the end of a person’s life. For example, many South Carolina residents choose to include durable powers of attorney in their complete estate plans.
What is a Durable Power of Attorney?
A durable power of attorney is a document that is operational during a person’s life. However, it becomes active when its creator is unable to make decisions about their financial health and well-being. If a person become incapacitated due to illness or injury, the individual named in the durable power of attorney would be able to manage the creator’s financial affairs until such time as the creator could resume the tasks on their own.
What Financial Matters Can be Managed Through a Durable Power of Attorney?
This list of financial matters that can be managed through a durable power of attorney is long. The party acting on behalf of the incapacitated person can pay their bills and access their bank accounts. They can manage their investments and pay their taxes. If the incapacitated person has a business, the party can handle some business matters for them. These are only some of the tasks that can be managed through a durable power of attorney.
How Does a Person Set Up a Durable Power of Attorney?
Like other estate planning documents, a durable power of attorney is a legal tool and should be set up with the help of an estate planning attorney. This post should not be used as legal advice and guidance. Those readers who wish to create durable powers of attorney as parts of their estate plans can seek legal help from local South Carolina attorneys.