Durable Power Attorney
Definition:
Durable Power of Attorney (DPA) gives a person the authority to
make legal and/or financial decisions for another person. This person may
be a relative, lawyer or friend. This power may be immediately active or
activated when that person loses the ability to make decisions for herself/himself.
Durable Power of Attorney is typically used when a person
is incapacitated or cannot make appropriate decisions.
Consequences of Durable Power of Attorney:
Choosing the right family member, trusted friend or professional is important since it can be similar to signing a blank check. A Durable Power of Attorney is allowed to grant any of the following powers:- Buying or selling your real estate
- Investing your money
- Make legal claims
- Managing your property
- Making gifts on your part
- Attending to tax/retirement issues
- Conducting your bank transactions
Even after appointing a Power of Attorney you may continue to make legal and/or financial decisions for yourself. The person you appoint for this responsibility only a representative who has the power to conduct important matters. As long as you have the capacity to make informed decisions, you may direct your Agent and have things done the way you want. You may also monitor your Agent by asking them to keep accurate records of all completed transactions. You may also revoke your Power of Attorney at anytime by notifying your Agent and notifying financial institutions.
What a Lawyer can do for you:
Consulting a Lawyer can get you the legal advice you need about the powers that are appropriate and delegated. A lawyer may also provide counseling and outline the Agent's legal obligations. A Lawyer also ensures that the Power of Attorney is properly executed and meets all specified legal requirements. If you feel that the Agent you appointed is misusing a Power of Attorney, consider asking a lawyer for help and advice on how to deal with this issue.Lawyer Referral Service:
Attorney Search Network can assist you with finding a lawyer who handles Durable Power of Attorney cases. If your appointed Agent is failing to manage your property, finances, etc, we will help you find the right lawyer.
If you have any questions about the information provided
above, please
contact us
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