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Durable Power Of Attorney In Michigan
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Durable Power Of Attorney In Michigan
Estate planning involves the development of strategies to protect your interests during your lifetime, as well as to ensure the smooth transition of assets and protection of loved ones after you pass away. One crucial tool to safeguard your financial and physical health in case of emergency is the durable power of attorney.
A durable power of attorney ensures that your affairs, both financial and personal, are managed according to your wishes if you become incapacitated. At Inhulsen Law in Grand Rapids, Michigan, we believe in empowering our clients with comprehensive knowledge about this vital legal tool and how it can be used in specific situations. For general background purposes, it is helpful to understand what durable power of attorney does and why it’s an essential part of your estate planning.
What is a Durable Power of Attorney?
A power of attorney is a legal document that allows you to appoint someone you trust to make decisions on your behalf. The document shares your authority with others–unlike guardianship, you do not lose your own authority to make decisions, you simply authorize an additional person to act for you.
Traditionally, a standard power of attorney turned invalid if the person who executed it became incapacitated, which was the time when the document was needed most. Therefore, we create durable powers of attorney which are designed to remain in effect regardless of incapacity, ensuring continuous management of your affairs.
Generally, people execute two types of durable powers of attorney: a financial power of attorney and a health care power of attorney.
A financial power of attorney authorizes an agent to manage financial affairs, and it can take effect immediately on creation or be drafted to only spring into action when a triggering event occurs, such as if and when the person who created it becomes incapacitated and incapable of managing their own financial business.
A health care power of attorney generally only takes effect when the person who created it becomes incapacitated. This document authorizes an advocate to make medical decisions on behalf of the creator.
Why Durable Powers of Attorney are So Essential
If an accident or illness should put you in a coma or cause you to be unable to manage your affairs, your loved ones might be powerless to help you if you don’t have the right planning documents prepared. Your bills might go unpaid, ruining your credit and leading to the loss of your home and other assets. Critical health care treatment might be delayed or not provided in accordance with your wishes.
Having powers of attorney prepared ensures that your affairs will be managed as you would want, protecting your interests during difficult times. Durable powers of attorney are key components of a comprehensive estate plan, along with wills, trusts, and other estate planning tools.
Choosing Your Agent in Michigan
Selecting the right person to serve as your agent under a durable power of attorney is a significant decision. This individual will have considerable control over your affairs, so it’s crucial to choose someone who is trustworthy, reliable, and capable of handling the responsibilities. Our team can review the responsibilities of the position with you and help you determine your best candidates.
For a financial agent, we might recommend considering factors such as the person’s financial acumen and integrity. Your financial agent may be given access to and power over all of your financial holdings, depending on the way your power of attorney is structured, and this is a tremendous responsibility. For a health care agent, you might want to consider your candidate’s proximity to you, and their understanding of your values and wishes.
Our Clients Say It Best
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“I have been very impressed with Inhulsen law services. The knowledge and professionalism were invaluable. John explained everything clearly and kept me informed throughout the process. I was very pleased with the successful outcome and learned so much from him. I would highly recommend this place!”- Lourdes B.
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“If you are looking for an attorney who will truly help you build the life you deserve, then look no further Inhulsen Law. As an attorney who has the opportunity to collaborate with John, I can attest to his depth of knowledge as well as his commitment to excellence. Whether you need assistance with the complexities of business formation and planning or building and estate plan to protect the future of your family, John will apply a creative and honest approach that will make you instantly realize you made the right choice hiring Inhulsen Law.”- Joshua S.
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“Fantastic firm, very personable and receptive to what you’re looking for. Listened to my mom and I for her estate planning. Angela was also very attentive to our needs. Have a life long partnership. Thank you both!”- Salty Dog
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“My wife and I had a very positive experience working with Inhulsen Law to update our Will and to put our assets into Living Trusts. The process is very thorough and they take a no-pressure approach to understanding your needs and will give you multiple options, explaining the benefits of each. They use a model where no question is a bad question and will break down what can seem like a complicated process into an easy to understand format. They take a very personal approach to getting to know you and your needs and we never felt rushed, pressured, or confused throughout the whole process. If you want an Attorney who values their clients seeking a long term relationship with you, you should work with Inhulsen Law.”- Curt W.
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“I had an excellent experience working with John on our estate planning. He took the time to explain everything clearly, answered all of our questions, and made what initially felt overwhelming into a smooth and stress-free process. We truly appreciated his attention to detail, professionalism, and ability to tailor the plan to our family’s specific needs. We now feel confident knowing everything is in order. We highly recommend John Inhulsen to anyone looking for a knowledgeable and caring estate planning attorney.”- Becky L.
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“I had John draw up my will and was so impressed with how knowledgeable and kind he and his staff were. The process was thoroughly explained and it is a huge relief to have things settled for my kids. I definitely recommend him and his services!”- Heidi H.
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“Answer to prayer! My husband and I finally decided it was time to put a Trust and Will in place. It was unnerving to think about estate planning because we did not know who to talk to, where to start or what to expect. Thankfully, after searching the internet for a law firm, we discovered Inhulsen Law. We were more than impressed with the outstanding reviews! Setting up an appointment with John was simple and quick. The entire process was explained to us in an uncomplicated way. In our first meeting with John it was apparent to us that he has a genuine interest in building relationships with people and helping them obtain their goals. John's character is stellar and his knowledge of the law is extensive. It feels good to have a law firm you can trust and someone like John you can reach out to and feel confident he will point you in the right direction.”- Lori A.
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“Recently John Inhulsen took time out of his day to call me when I encountered a legal matter over my head. John talked me through it and made me feel so much better about what I was facing. John's professionalism is first tier. Obviously, he knows and understands the legal world, all aspects. I recommend his team highly.”- Ted L.
The Legal Process of Establishing a Durable Power of Attorney in Michigan
Establishing a durable power of attorney in Michigan involves carefully creating legal documents that meet specific state requirements and regulations and that convey precisely the amount of authority you intend to grant. With a financial power of attorney, you can limit the scope and duration of the power as you see fit, but the document must reflect those limitations.
At Inhulsen Law, we work closely with our clients through each detailed step of this process, ensuring that the power of attorney documents accurately reflect their personal wishes and fully comply with all relevant Michigan laws.
Revocation and Amendments
It’s important to understand that you have the right to revoke or amend your durable powers of attorney at any time, as long as you are mentally competent. This flexibility allows you to make adjustments as your life circumstances change. We recommend reviewing your powers of attorney periodically and updating the documents as needed.
Contact Inhulsen Law to Protect Yourself with the Right Powers of Attorney
If you’re considering adding durable powers of attorney to your estate plan, or if you have any questions about establishing or revising estate plans in Michigan, the legal team at Inhulsen Law is here to help.
Contact us today to schedule an initial consultation through our online form or by calling (616) 345-2810. We look forward to helping you ensure your estate plans are comprehensive and tailored to your needs.
