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The Durable Power of Attorney for Property (DPAP) is one of the most overlooked pieces of an estate plan, but it is also one of the most useful and essential tools. The main purpose of a DPAP is to allow an individual to appoint someone as his agent to manage his financial assets in the event he becomes physically or emotionally incapacitated. While the two most common methods for dealing with a disabled person's assets are guardianship and the use of a funded revocable trust, a DPAP can be tailored to specifically allow the agent to re-title the principal's assets in the name of the revocable trust in the event of the principal's disability, making it a vital component of any estate plan. "While the DPAP should not be relied on as the sole protection against disability and is not and should not be the sole document in one's estate plan — it is most effective when included in a comprehensive plan," says Stuart Kohn, a partner in the Asset Planning and Preservation Service Group at Levenfeld Pearlstein LLC (Chicago). "At the same time, an estate plan is not complete unless it includes a DPAP, as there are certain situations that only be addressed with a DPAP, short of full guardianship proceedings." Mr. Kohn's article will explain why every comprehensive estate plan should include a DPAP and will discuss the process by which one can be implemented. [04/24/2008]
Channel: Jaffe Legal News Service - Articles for Publication
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