Appointing A Trusted Representative Through A General Power Of Attorney
Part of the estate planning process involves preparing for contingencies. Life throws all kinds of curveballs at us, and while it’s not necessary to dwell on the what-ifs, it is necessary to have some basic protections in place. One of those protections is a general (financial) power of attorney.
At Field Law in Baton Rouge, we can help you put a thorough estate plan into place – including a carefully tailored power of attorney (called a mandate in Louisiana). Our attorney, Morgan Field, focuses solely on estate law and related areas. We know the laws and how they apply here in Louisiana.
Understanding Durable General Mandates
In Louisiana, a durable general mandate gives someone else the legal authority to make financial and property decisions on your behalf. You can structure that authority however you like. It can encompass your entire estate – that is, your property and financial affairs – or just part of it. You can appoint a spouse, adult child, trusted friend or family member, or other chosen representative.
Because it’s durable, this type of mandate will go into effect if or when you ever become legally incapacitated (unable to make decisions for yourself) as a result of an accident, illness or aging. You should also have a similar document for health care decisions in place.
The Benefit Of A General Mandate Or Power Of Attorney
The advantage of a power of attorney (durable general mandate) is that it will spare your loved ones the headaches and expense of having to go to court in the event of your incapacity. Without this key document in place, they would have to pursue formal interdiction proceedings, which are costly, time-consuming and a matter of public record. A well-crafted durable general mandate gives them immediate authority to act on your behalf, within the framework you determine.
Get Started With This Critical Component Of Effectuating Your Wishes
Whether you need a power of attorney (mandate) as part of your estate plan, or you need to give someone else authority to manage your affairs for a discrete purpose or time period, we can help. Please reach out to us online or call 225-341-8221 to get started.
We offer free initial consultations. Serving those in Louisiana and also assisting out-of-state family members.