A power of attorney is important for situations in which you are unable to act or make decisions in your own best interest. These situations could include an accident, catastrophic illness, or a progressive condition. Some circumstances are more foreseeable than others.
Guardianship proceedings can involve legal, court and ongoing administration costs that vary with the circumstances. Discuss a power of attorney and other planning options with your attorney. Source: Washington Courts: guardianship and conservatorship costs.
A power of attorney’s effective date and its durability address different questions. A springing power of attorney begins only when a stated future event or condition occurs. Source: RCW 11.125.090(1). This type of power of attorney goes into effect only under certain circumstances, and the agent you choose is bound by these conditions. For example, you could assign a springing power of attorney to a loved one only in the event that you become unconscious due to accident or illness. Then, the agent you assigned would have to bring proof that you specified, such as the diagnosis of a coma, to take over and make decisions for you.
A durable power of attorney can remain effective during incapacity, but its durability does not mean that it must begin immediately. In Washington, a power of attorney can take effect immediately or upon a stated future event. Your agent may make only the decisions authorized by your power of attorney. Sources: RCW 11.125.040; RCW 11.125.090(1); RCW 11.125.140(1)(c).
You have the freedom to choose your acting agent. Trusted friends and relatives are a good option, but sometimes people choose a bank or lawyer to act as his or her agent. If you do choose a professional, you will need to negotiate payment.
Either way, your agent needs to be trustworthy, familiar with your wishes, be financially secure and be willing to make difficult decisions that impact you and your family.
Over the past 34 years, the Law Offices of Christopher A. Benson has helped clients with estate planning. Contact our Federal Way office for a free initial consultation to discuss your goals and planning options.
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