durable tennessee power of attorney
Including a durable power of attorney for financial matters in your estate plan is a crucial step toward comprehensive preparation.
Think of this legal document as your safety net, allowing you to designate a trusted individual as your decision-maker in case of emergency or incapacity. This ensures that your financial matters are handled responsibly and according to your wishes, even when you're unable to make decisions for yourself. You can also name a backup in case unforeseen circumstances arise, and your primary attorney-in-fact or agent is unable to fulfill their duties.
who to name as your agent?
Choosing the right person to name as your agent is a deeply personal decision, but it's one that carries significant importance in ensuring your financial matters are handled properly during your absence.
When selecting your agent for the Durable Power of Attorney, trust and comfort are paramount. Consider someone you have absolute confidence in managing your finances, real estate, contractual obligations, and other important matters. Often, spouses are a popular choice due to their familiarity with your financial situation and existing commitments. Another common option is an adult child or parent who can provide the necessary support. Alternatively, you may choose a trusted friend, colleague, or family member who understands your wishes and preferences.
Regardless of your choice, open communication is crucial. It's essential to have a conversation with your chosen agent, discussing your desires and ensuring they are aware of the location of your important documents.
when should you execute a durable power of attorney?
Determining when to execute a Durable Power of Attorney is a decision that shouldn't be delayed—acting now is crucial.
The purpose of creating a Power of Attorney is to secure someone who can step in and manage your affairs if unforeseen circumstances render you incapacitated. Since incapacitation is often unexpected and impossible to predict, it's best to be prepared. You have the flexibility to specify whether you want your agent to have the powers granted by the Power of Attorney at all times or only during your incapacity.
Including a Durable Power of Attorney in your comprehensive estate plan is a prudent choice. Regularly reviewing it every five years, at the minimum, allows you to ensure that you are still comfortable with your named agent. If there are no changes, your Power of Attorney will remain effective until you choose to revoke it.
