Probate and estate administration could occur just after you also lose the ability to make your own decisions. As an aging South Carolina resident, you have the right to protect your estate now. Think of someone to manage your assets for when you’re incapable. A power of attorney (POA) is the authority you give someone to act for you. Out of the two classes of POAs, a durable power of attorney grants others their authority indefinitely.
The meaning of a durable power of attorney
A durable power of attorney, which isn’t equal to a springing POA, is effective the day it’s signed. Probate and estate administration call for a court to account for your belongings. A power of attorney could exist among your things, but only a durable POA is active now. The springing POA, instead, goes into effect after a specific event.
Who receives your power of attorney
Those you choose to receive your POA can be personal, professional or business choices. Who your POA grants an agent, who is the person receiving authority, is based on your wishes. A durable POA is most helpful when you need others to act on your behalf on an ongoing basis.
Alongside a living will
Probate and estate administration hearings take into account your living will if one exists. A living will works alongside your POA. This is because, unlike a standard will, a living will expresses your wishes for when you are alive but incapacitated. For a will and POA, you need:
- Form § 62-5-504 (D)
- State jurisdiction
Assigning a power of attorney has the promise of completing your estate plan. Just consider your resources and how often you need others to act for you. A durable POA goes into effect as soon as you sign it.