The Estate Planning Document Most Families Forget

Most people spend their time thinking about their will. It makes sense. A will is the document most people have heard of, and it answers the question everyone is thinking about: who gets what after I am gone.

But almost no one thinks about what happens if they are still alive but unable to make decisions for themselves. That is where a durable power of attorney comes in, and it may matter more than your will.

What Is a Durable Power of Attorney?

A durable power of attorney is a legal document that names someone you trust to make financial and legal decisions on your behalf if you become unable to do so yourself. This could be due to illness, injury, or any situation where you are temporarily or permanently unable to manage your own affairs.

What Happens Without One

Without a durable power of attorney, your family may have to go to court to request guardianship or conservatorship just to pay your bills, manage your accounts, or make decisions about your property. This process takes time, costs money, and happens during an already difficult moment for your family.

What It Actually Covers

Managing bank accounts and paying bills
Handling real estate and property decisions
Managing business affairs if you own a business
Filing taxes and managing financial accounts on your behalf

Why It May Matter More Than Your Will

Your will only takes effect after you pass away. A durable power of attorney protects you while you are still living, during the moments your family may need to step in and act on your behalf. A complete estate plan accounts for both.