Power of Attorney
Durable Power of Attorney
When a person becomes incapacitated, there are two ways in which their assets are managed: One is by way of Power of Attorney and the other is by Guardianship.
In Pennsylvania, you are permitted to designate a person to be in charge of your financial affairs in the event that you become incapable of managing them yourself. This person is called a Power of Attorney. Normally, the person that you designate is a family member or trusted professional with the expertise in handling financial matters.
You are permitted to provide specific instructions to your Power of Attorney as to what actions they may take and, avoid.
Court Appointed Guardian
If you become incapacitated without a Power of Attorney, your family will be forced to seek a Court appointed guardian.
This process involves the scheduling of a hearing before the probate Court. If the probate Court determines that a guardian is necessary, the Court will appoint an individual to act as guardian. The Court is not obligated to use a family member and, in many cases, will use a professional trustee.
We can assist you in preparing your Durable Power of Attorney so that your family is protected. The process is simple. We offer free consultations and in most cases can quote upfront fees.