There are many different steps to establishing a thorough and complete estate plan. Planning for the future is essential to ensure that your wishes are respected and followed, especially in regards to healthcare and financial decisions. Designating a trusted individual to make these decisions on your behalf in the case of your incapacity is essential to protecting your best interests. At Rieser & Marx, LLC, our Dayton estate planning lawyers can help you to understand the importance of assigning a power of attorney in your estate plan.
Designating someone as having power of attorney gives them control over either all of your decisions, some narrowly defined decision, or a specific set of decisions. A general power of attorney gives a trustee total decision making power, where a special power of attorney designates power of attorney to accomplish some specific purpose. Our Dayton estate planning lawyers are here to answer any of your questions and ensure you make the right decisions for your individual situation.
You will need to establish what type of an event will allow the trustee to take the assume the responsibility. There are two basic types of power of attorney: springing and durable powers of attorney. A springing power of attorney "springs" into action based on a set of circumstances that you designate. Meanwhile, a durable power of attorney is effective immediately and does not require proof of incapacity or any other condition.
Would you like to meet with a Dayton estate planning attorney to discuss your options? We have extensive experience in financial, business, and estate planning issues. If you have questions about setting up an estate plan or designating a power of attorney, contact us now in Ohio at (937) 224-4128 or in Florida at 561-515-6019.