While a Will is an important component of a comprehensive estate plan, a Will only has legal effect once you die. It is important to have estate planning documents in place to address periods where you may be temporarily or permanently incapacitated or unable to manage your own financial affairs or medical decision-making. Selecting an agent (and alternates) to act on your behalf under Durable Power of Attorney documents is an important aspect of any estate plan. A Power of Attorney can be tailored to your particular needs and wishes: you can have a limited Power of Attorney that is only effective for a limited time or purpose or you can have a Power of Attorney that is designed to allow your agent to stand in your shoes and act on your behalf in virtually all the ways you could act for yourself.
Without a Durable Power of Attorney in place, if you become incapacitated, a guardianship may have to be imposed by the court. A guardianship is a court process where a judge decides who should be in-charge of your affairs and make decisions on your behalf. Often, the expense of establishing a guardianship for your benefit will come out of your own assets and can be quite expensive. Executing Durable Power of Attorney documents is the best way to potentially avoid the expense and uncertainty of a guardianship.