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.
Frequently Asked Questions
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.
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.
It depends on the type of power of attorney. A standard power of attorney typically becomes ineffective if the person granting it, known as the principal, becomes incapacitated. However, a durable power of attorney will remain in effect even if the principal becomes incapacitated. It allows the appointed agent to continue acting on the principal’s behalf and making important decisions regarding finances, legal matters, and healthcare. It is essential to consult with an attorney to ensure that the power of attorney document includes the necessary language to make it durable.
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.
It is essential to consult with an attorney or legal professional to understand the specific requirements and implications of each type of power of attorney based on your circumstances and jurisdictional regulations.