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The Benefit of Having a Durable Power of Attorney

 

By Jay Taylor, Attorney at Law

 

A Durable Power of Attorney (POA) is one of the most practical estate planning tools you can have. It allows you to authorize someone you trust—called your agent—to handle your financial and legal matters if you are unable to do so.

 

Without a POA, your family may need to seek a conservatorship through probate court, which is time-consuming and expensive. A properly drafted POA allows your agent to manage bank accounts, pay bills, handle taxes, sign documents, and manage property on your behalf. Because it is “durable,” it remains effective even if you become incapacitated.

 

You control the scope of authority—broad or limited—and may revoke it at any time while competent. Choosing the right agent is crucial; this person must act in your best interests and keep your finances in order.

 

Having a durable power of attorney ensures that life’s unexpected events do not leave your loved ones powerless or burdened by court intervention. It is a cornerstone of every comprehensive Michigan estate plan.