Do I need a durable power of attorney if I have already created a last will and testament?

Yes. Your last will and testament and your durable power of attorney actually serve different roles in your estate plan. The personal representative or executor named in your will has authority to handle the administration and distribution of your estate after your death. However, he or she does not have any authority to act on your behalf during your lifetime.

That is where a durable power of attorney can be beneficial. None of us know what might happen tomorrow. When you create and execute a durable power of attorney, you are taking an important step toward ensuring that your financial affairs will be managed seamlessly during your lifetime, even if you become incapacitated or are deemed incompetent to handle your affairs.

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