Durable Power of Attorney
In the event of incapacitation, you don’t want the state to make decisions for you.
Protecting yourself with a Durable Power of Attorney appoints a person to handle financial and health care decisions for you, and in your best interests, if you are not of sound body or mind to do so.
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Frequently Asked Questions
What is a power of attorney?
A power of attorney is a legal document that grants authority to an individual, known as the agent or attorney-in-fact, to act on behalf of another person, known as the principal. Depending on the type of power of attorney, the agent is authorized to make decisions and take actions specified in the document, such as managing finances, signing contracts, or making healthcare choices.
Can a power of attorney be revoked or canceled?
Yes, a power of attorney can be revoked or canceled by the principal at any time, as long as they are mentally competent. The revocation process typically involves creating a written document that clearly states the intention to revoke the power of attorney and delivering it to the agent, as well as any relevant institutions or individuals who were notified of the power of attorney’s existence. It is essential to follow the legal requirements in your jurisdiction to ensure the revocation is valid. Additionally, a power of attorney may specify an expiration date or a condition upon which it automatically terminates.
Can a power of attorney be used after the person granting it becomes incapacitated?
It's recommended to review and potentially update your estate plan after major life events such as marriage, divorce, birth of a child, or significant changes in financial circumstances.
What are the types of power of attorney?
There are several types of power of attorney, each serving different purposes. Some common types include:
- General Power of Attorney: This grants broad powers to the agent to act on behalf of the principal in various legal and financial matters.
- Limited or Special Power of Attorney: This grants specific and limited powers to the agent for a particular purpose or within a specific time frame.
- Durable Power of Attorney: This remains in effect even if the principal becomes incapacitated.
- Springing Power of Attorney: This happens only when a specified event or condition occurs, usually the principal's incapacity.
- Medical Power of Attorney or Healthcare Power of Attorney: This grants the agent the authority to make medical decisions on behalf of the principal.
- Financial Power of Attorney: This grants the agent the authority to handle the financial affairs and make financial decisions on behalf of the principal.
What is a Durable Power of Attorney (DPOA) and how does it differ from a regular Power of Attorney?
A DPOA remains effective even if the principal becomes incapacitated, unlike a regular Power of Attorney which becomes invalid upon the principal’s incapacity.
When does a Durable Power of Attorney become effective and when does it end?
Yes, proper estate planning can help minimize estate taxes and other related costs, ensuring more of your assets are passed to your heirs.
Who should be chosen as an agent in a Durable Power of Attorney?
Without an estate plan, state laws will determine how your assets are distributed, which may not align with your personal wishes and could lead to family disputes.
Can a Durable Power of Attorney be revoked?
Yes, as long as the principal is mentally competent, they can revoke the DPOA at any time.
What decisions can be made by an agent under a Durable Power of Attorney?
An agent can make a wide range of decisions, including financial, legal, and in some cases, healthcare decisions, depending on the specific terms of the DPOA.
