Under Mississippi Code § 87-3-105, a durable power of attorney is defined as a specific type of power of attorney that remains in effect even if you become incapacitated or unable to make your own decisions.
So, why do you need a durable power of attorney? In the estate planning process, it is important to consider who will be making financial decisions, conducting business transactions, etc. if you become unable to do so or even if you are still capable and just need some assistance with day-to-day matters. When naming a durable power of attorney, that person has a fiduciary duty to you, meaning everything they do on your behalf must be done for your benefit. Choose carefully – trust between you as the principal and them as the fiduciary should be high! You want to have peace of mind knowing that your durable power of attorney is handling your affairs carefully and as you direct. A few of the roles that a durable power of attorney can assist you with are as follows:
Further, there are several important factors to consider when creating a durable power of attorney. Some of these factors include:
It is important to consult with a legal professional when creating a durable power of attorney in order to discuss the above factors and ensure that the document is properly drafted and executed. Schedule a free consultation with us at sullivanlawfirmpllc.com.
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