When someone becomes incapacitated, creating the legal framework for someone to step in can be lengthy and burdensome for family members. Fortunately, establishing a power of attorney while you are in good health and have a clear mind can take the guesswork out of it and save you money.
A durable power of attorney allows for the management of an individual's assets even without a trust and avoids the need for guardianship. An individual is able to appoint an agent to act for him or her in financial matters, such as entering into contracts and selling real property.
At Drummond Wehle Yonge LLP, we have the knowledge and experience necessary to create a durable power of attorney that reflects your specific needs and goals.
The law was changed in 2011 to require power of attorney documents to be much more specific about the powers that are being granted in order to lessen the chances of fraud occurring. As a result, the process has become more cumbersome. We excel at minimizing complications and navigating the process efficiently.
Documents created prior to 2011 are technically grandfathered in, but as financial institutions become more familiar with the documentation, the potential for errors increases when using the previous format. It is in your best interest to have your pre-2011 documents updated, and we can make sure it is accomplished correctly.