In estate planning, a Durable Power of Attorney is often chosen as a way to plan for those times when you are incapacitated or unable to carry out affairs on your own behalf. It is a written document that remains valid even if you should later become unable to make your own decisions. With a durable power of attorney, you are able to appoint an agent to manage your financial affairs, or conduct other business for you during your period of incapacity.
A Durable Power of Attorney may be general or limited. A general Durable Power of Attorney may allow your agent to do every act which may legally be done by you. A limited Durable Power of Attorney can cover specific events, like selling property, making investments, or making health care decisions.
Deployed military personnel may also wish to grant power of attorney to an agent for management of affairs while overseas.
One of the most important parts of creating a Durable Power of Attorney is choosing an agent. The agent is the person you choose to carry out the duties you have outlined in the durable power of attorney. The agent should be someone you trust to carry out your wishes, someone who will not take advantage of you when you are incapacitated, and someone who is willing to serve as your agent. Agent selection is not limited to family members.
Granting power of attorney to an agent can be as broad or specific as necessary. If you have questions regarding any aspect of granting power of attorney, call to speak with one of our experienced estate planning attorneys today.