Durable Power of Attorney
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What is a Durable Power of Attorney?
A Durable Power of Attorney (DPOA) is a legal document that allows an individual to appoint a trusted person to manage their financial affairs and make decisions on their behalf in the event of their incapacity. The DPOA is often used when an individual becomes incapacitated due to illness, injury, or age, and can no longer handle their own affairs.
The DPOA grants the appointed person (called the “attorney-in-fact” or “agent”) the authority to make decisions related to finances, property, investments, taxes, and other matters. However, the attorney-in-fact cannot make decisions related to health care, such as consenting to medical treatments or procedures. For this, a separate document called a Health Care Power of Attorney must be used.
When creating a DPOA, the individual (called the “principal”) must carefully consider their choice of attorney-in-fact. This person should be someone they trust and who understands their wishes. The principal should also specify the exact powers they are granting to the attorney-in-fact, as well as any limitations or restrictions.
Once the DPOA has been created, it will remain in effect until the principal revokes it or until the principal dies. The DPOA does not become effective until the principal is deemed incapacitated. At this time, the attorney-in-fact can begin exercising the powers granted by the DPOA.
A DPOA is an important tool for individuals who wish to maintain control of their affairs, even if they become incapacitated. By appointing an attorney-in-fact through a DPOA, the individual can ensure that their affairs are managed according to their wishes.
How does a Durable Power of Attorney work?
A Durable Power of Attorney is a legal document that allows an individual (the “principal”) to appoint another person (the “agent” or “attorney-in-fact”) to act on their behalf in financial and/or legal matters. This authority is granted by the principal, and the agent is legally obligated to act in the best interest of the principal.
The agent is granted the authority to make decisions on the principal’s behalf, such as signing documents, managing assets and/or making financial decisions. This authority can be limited to specific areas, such as real estate transactions or medical decisions, or it can be general in nature.
The Durable Power of Attorney is “durable” in that it remains in effect even if the principal becomes incapacitated or unable to make decisions on their own. It is important to note that the authority granted under the Durable Power of Attorney does not supersede the principal’s rights to make decisions for themselves.
The Durable Power of Attorney must be signed by both the principal and the agent and must be witnessed by a third party. It should also be filed with the appropriate state office.
How to write a Durable Power of Attorney?
1. Gather the Required Information: Before you begin writing your Durable Power of Attorney, make sure you have all the necessary information gathered in order to complete the document. This includes the name and address of the person granting the power of attorney (the “principal”), the name and address of the person who will be granted the power of attorney (the “agent” or “attorney-in-fact”), and a description of the powers that the agent will be granted.
2. Choose a Format: A Durable Power of Attorney can be written as a simple document or as part of a larger estate planning package. If you are writing a simple document, you can use a standard form, or you can create one yourself.
3. Identify the Principal and Agent: In the document, clearly state the names and addresses of the principal and agent.
4. Describe the Powers Granted: The document should include a clear description of the powers that the agent is being granted. Be as specific as possible in order to avoid any confusion.
5. Include Durable Language: Make sure to include language that specifies that the powers granted in the document remain in effect even if the principal becomes incapacitated or unable to make decisions for themselves. This is known as “durable” language.
6. Sign and Notarize: Once the document is complete, both the principal and agent must sign it in front of a notary public. The notary will then notarize the document, verifying that both parties have signed it.
7. File the Document: After the document has been signed and notarized, it should be filed with the appropriate court or government office. This will ensure that the document is legally valid and enforceable.