How to prepare Durable Power of Attorney
Power of attorney: your legal framework for entrusting your affairs to a different person
Whether we like it or not, we can't predict what the future holds for us. But we can still try to be prepared for it, planning for your estate, end-of-life, and other matters. And that's when a power of attorney (POA) comes into play.
This legal document grants people the authority to act on your behalf in the event of mental or physical incapacitation or absence. Setting up this document ensures that a trusted person will carry out your wishes the way you want if you become impaired or simply not around. You can use this document to convey instructions as simple as paying bills while you travel or as complex as titling property.
What are the types of power of attorney?
There are different types of POA; each accommodates a specific need. In terms of how long POAs stay effective, we can divide them into two types:
- Non-durable becomes invalid as soon as the principal is incapacitated.
- Durable POA remains effective even after the principal cannot make decisions independently.
Depending on the kind of affairs you want to entrust, your power of attorney can be of the following types:
- General Power of Attorney deals with the extended scope of powers, which mainly involve financial matters, that the principal grants to an agent.
- Limited POA, as the name suggests, instructs the agent to make decisions spelled out in the document and not to go beyond this scope.
- Medical Durable Power of Attorney appoints health proxies whose primary responsibility is deciding how to treat the principal according to that person's wishes.
Things to watch out for when creating your POA
Your POA must be drafted, signed, and notarized to be legally binding, following state law requirements. If you move to a different state, your document will still be valid, but to be on the safe side, we recommend you update it and use the POA form of your new state. The task of carefully choosing and appointing your agent is paramount. And, of course, you can always cancel the powers granted to your agent by using the Revocation of Power of Attorney form.
How to get and complete the appropriate Durable Power of Attorney template
Legal paperwork requires accurate completion and compliance with federal and applicable state laws to be valid. You'll need solid and costly professional expertise to compose it from scratch, and surfing the web for verified legal templates takes considerable time. We offer a better solution for you here!
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