What if you were incapacitated and couldn’t manage your money? What if you were selling your house with your spouse but you couldn’t make it to the closing because you were stuck at a business conference in California? Wouldn’t it be great if your spouse or a trusted child or friend could step in as you to sign your checks and pay your bills or attend the closing and sign for you? Well, if you have a properly drafted Durable Power of Attorney naming the trusted person of your choice, that person can step in for you to assist you with those things.
Once a person is mentally incompetent, he or she is unable to execute this document, and managing money just got hard. The court must get involved at that point. It is much easier to have this document done by your attorney at the same time your will is being created. I recommend everyone over the age of 18 execute a Durable Power of Attorney.