Durable Power of Attorney
What is a Durable Power of Attorney?
A Durable Power of Attorney grants a trusted spouse, partner, friend, relative or advisor the power to handle your finances and manage your affairs. Most people rely on this power when they become incapacitated so that assets can be overseen, bills can be paid, and your family can be provided for without interruption.
Consider the following scenario:
You are hit head-on by a drunk driver and your car is badly damaged. You slip into a coma for six weeks and only a controversial medical treatment will allow you to emerge from your coma. A Durable Power of Attorney gives your representative the power to:
- Negotiate with your car insurance company and the body shop to repair your car while you remain unconscious.
- Engage an attorney on your behalf to file suit for your pain, suffering, lost wages and anything else your attorney deems essential while you remain unconscious.
- Negotiate with your health insurance company and advocate for its approval of the controversial treatment so that you come out of your coma.
- Pay your regular monthly bills and others that arise from your health emergency, thus preserving your good credit.
Thanks to your Durable Power of Attorney, you have not only recovered from your coma, but your car is ready and waiting for you, and your claim against the drunk driver is moving along and you can go back to business as usual with your credit card and mortgage companies. Not bad for someone who has been unconscious for six weeks!