Attorney Stephen Kosa has been helping clients with questions and concerns about Power of Attorney in Hudson, River Falls, and surrounding neighbors in Western Wisconsin and Minnesota for many years. We dedicate individual care to each client—tailoring every document to his or her needs. Our goal is to ensure that every client is fully satisfied with our services. Contact our office today to schedule an appointment.
What is a Durable Power of Attorney?
Durable Power of Attorney is a legal document in which one individual (the principal) appoints another individual to act as an agent on his or her behalf. Powers of attorney are frequently granted to allow the appointed individual to take care of various transactions for the principle.
For example, A principal may authorize the agent to perform tasks such as managing bank and investment accounts, paying bills, managing the principal’s business affairs, buying and selling real estate, applying for public benefits, filing taxes, hiring professionals or personal workers, managing life insurance policies and retirement plans, making gifts, or transferring assets to a trust, just to name a few. Granting certain powers to an agent can be very dangerous under some circumstances and should be carefully evaluated.
In some cases, the principal may limit the powers granted to the agent under their power of attorney by establishing certain restrictions. However, failing to include the necessary powers in a grant of authority can also be hazardous, depending upon the anticipated needs of the principal. Therefore, it is important to consult with an attorney before executing a power of attorney, to ensure that the document is tailored to your individual needs.
A properly drafted Durable Power of Attorney can often avoid the need for a guardianship proceeding upon the incapacity of the principal. This can be a welcome gift to your loved ones in the event of an accident or health crisis.