It is a common misunderstanding to believe that your spouse, children or relatives can simply act for you when you are hospitalized or disabled. The reality is that if you become disabled and are unable to handle or make your own financial decisions the Court will appoint a “conservator” to do so for you. This can be a costly, time consuming and yet, is completely avoidable.
The powers you grant your “agent” under a “durable” power of attorney do not stop or become invalid when you become incapacitated. Because, in reality, that is when you are going to need this help the most. With a properly drafted Durable Power of Attorney YOU (and not the probate court) designate the person whom YOU believe is best suited to make these financial decisions for you. The powers you give your agent can be as broad or narrow as YOU choose.
It is important to know that Michigan law concerning Durable Powers of Attorney changed effective October 1, 2012. Therefore, if you have an older version of a Power of Attorney it is suggested that you have that document reviewed and if necessary, updated. For more information about the revised Durable Power of Attorney law, or to schedule an appointment, CALL LEO NEVILLE at (734) 425-6340.