The Estate & Asset Protection Law Firm Owner, Shannon Pawley, Provides Information About The Protection Provided By Designating Durable Powers Of Attorney.
The Estate & Asset Protection Law Firm Owner, Shannon Pawley, provides information about legal ways to protect heirs from themselves – those heirs that might otherwise misuse the assets you want to leave for them upon your death.
DECATUR, GA, October 20, 2022: Shannon Pawley, Owner of The Estate & Asset Protection Law Firm, has posted a new article on the law firm’s website entitled “A Durable Power Of Attorney Can Protect Loved Ones And Your Assets.” Ms. Pawley discusses Durable Powers of Attorney for finances and health care as well as Testamentary Wills.
Pawly references an earlier piece stating, “I mentioned in a recent blog that an Estate Plan can help protect beneficiaries from themselves and from squandering your assets before and after your passing.” She continues adding, “The way this is most often accomplished is by creating an estate plan which includes a Durable Power of Attorney. (I’ve provided the link to the blog at the end of this article.) There is also what is known as a Conservatorship, but those are time-consuming to create, very expensive and usually only used when there is either minor children, or a loved one with a mental health issue that requires caregiving and/or when massive wealth is involved.”
According to Pawley, “When you have family members and loved ones you want to bequeath assets to upon your death, but you know they have alcohol or drug abuse issues, are compulsive spenders, or are married to spouses that may abuse these assets, or other issues that don’t require caregivers, you can take steps to protect these people from themselves and from misusing your assets. This is integral if you were to become incapacitated before your passing.”
Pawley explains, “A Durable Financial Power of Attorney (DFPOA) gives a person that you designate the authority to handle all of your financial affairs and this authority will continue even if you become incapacitated. You want to be sure that you are assigning someone you trust implicitly. It could be an attorney, though doesn’t have to be.” She adds, “This person is often referred to as your “agent” or “attorney-in-fact”, even though the person you designate isn’t an attorney. This person can handle tasks such as sorting through your mail, depositing your Social Security checks, watching over your retirement accounts and other investments as well as filing your tax returns.” Pawley emphasizes, “You can give this person as much authority over your finances as you like. Everything will be spelled out clearly in your estate plan and your DPOA documents.”
“A Durable Healthcare Power of Attorney (DHCPOA),” Pawley adds, “will be able to make healthcare decisions on your behalf should you become unable to make decisions for yourself. Much like the DFPOA, the authorities granted to your agent under the DHCPOA will continue even if you become incapacitated. It’s important to discuss your desired decisions with this person in advance of any mental decline or illness that would render you incapable of making decisions. Once again, this can be the same person you designate as your DPOA for finances or someone else you trust with your life.”
The entire article can be read at LINK HERE
About The Estate & Asset Protection Law Firm
The Estate & Asset Protection Law Firm was established to serve the legal needs of retiring citizens. The Firm focuses its entire practice on providing strategies to protect independence, privacy, assets and taxes from the government. Shannon Pawley has grown her law practice by providing excellent customer satisfaction with personalized wealth protection plans.
About Shannon M. Pawley, J.D., LL.M
As the owner of The Estate & Asset Protection Law Firm, Shannon M. Pawley and her entire team share a passion which focuses on being able to serve the legal needs of retiring individuals. In our firm, WE BELIEVE that people should not have to lose everything they’ve worked a lifetime to earn and that every person is an individual who deserves respect and the highest quality of life possible, regardless of age or ability. We also believe that privacy and protection are the keys to personal peace. Born and raised in the Tidewater area of Virginia to a tightknit family with strong military service roots, Shannon learned from an early age the value of hard work and the importance of social awareness to ensure you always leave a situation in a better place than how you entered it. In her junior year of high school, Shannon served as U.S. House of Representatives Page during the 101st United States Congressional Session in Washington, D.C. This experience exposed her to numerous new cultures and worldly issues. Walking away from her experience as a U.S. House of Representative Page, Shannon knew that she wanted to pursue legal studies and be able to assist others in obtaining the best results available in difficult situations.
Shannon earned her undergraduate degree at North Carolina Wesleyan College and pursued a law degree from Michigan State University College of Law. After obtaining her law degree and becoming a licensed attorney in Michigan, she continued her educational pursuit by acquiring a LL.M. (Master of Law) in Taxation from Wayne State University. After moving to Georgia in 2018, Shannon obtained her Georgia law license and has enjoyed being able to pursue her desire of ensuring persons are able to age with dignity, grace and independence.