August 2024 Newsletter
From The Certified Elder Law Attorney's Desk:
William W. “Bill” Erhart
Powers of Attorney: Issues in Delaware (and other places)
The most necessary and most troublesome part of estate planning is planning for incapacity. Everyone wants to talk about who gets what when they die. That is the fun part of estate planning. But bring the conversation to incapacity and clients look as uncomfortable as hearing, “who is going to change your diapers when you are old?”
The primary tool for incapacity is the durable power of attorney. While there are other tools, such as trusts and supportive decision makers, powers of attorney are essential in order to avoid the dreaded process of guardianship.
- “Immediately effective” vs. “springing”
Unless a power of attorney provides to the contrary, it is effective as soon as it is executed by the principal. However, a power of attorney may be “springing”, that is becomes effective upon the triggering of a future event or contingency...