Durable Power of Attorney
A Durable Power of Attorney empowers someone you trust to act on your behalf and make vital decisions regarding financial and legal matters.
What is a Durable Power of Attorney?
A Durable Power of Attorney, also called a Financial Power of Attorney, allows the Principal to grant legal powers to an Agent of their choice. The Agent can perform certain functions on behalf of the Principal.
Types of Durable Power of Attorney
There are two types: General POA and Special or Limited POA. A General POA grants the Agent broad authority specified in the document, while a Special POA is limited to specific transactions, like buying or selling property.
Choosing an Agent
Selecting a trustworthy Agent is crucial as they will have legal authority to act on your behalf. Take time to carefully consider your choice. Learn more about Agents and their roles.
Effective Date of the Document
The Durable Power of Attorney becomes effective upon execution (proper signing), unless stated otherwise. A “Springing” Durable Power of Attorney takes effect upon a specific event, like the Principal losing mental capacity. Remember, the document is only effective while the Principal is alive and can be revoked by the Principal.
Important Considerations
A Durable Power of Attorney grants significant power to the Agent, so it’s essential to have an experienced attorney help you draft and execute the document properly. Seek professional assistance for this important task.