It’s remarkable how much trouble one document can prevent. A Durable Power of Attorney, if drafted properly, allows the person whom you designate (your agent) broad powers to manage your property during your lifetime without any approval by you or advanced notice to you. These powers continue to exist regardless of whether you become disabled or incapacitated.

Many people make the costly assumption that they do not need this document because they cannot imagine themselves in a position where they are unable to manage their

own financial affairs. However, avoiding or delaying this planning could prove a costly mistake in the event of an unexpected lack of capacity.

In the event that you become incapacitated, having a Durable Power of Attorney in place can alleviate the need for a lengthy and expensive guardianship proceeding, not to mention save your loved ones from an unwanted and unnecessary headache.

The problem is that most people do not have these planning tools because they assume they will never become mentally or physically incapable of making legal decisions. While this may be true for some, it is certainly not true for everyone and only invites the old adage, “He who fails to plan, plans to fail.”