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What is a Durable Power of Attorney?
A durable power of attorney is one of the most important planning documents an individual has in place in the event they are unable to care for themselves.
A power of attorney serves the purpose of allowing someone else to act on your behalf when you cannot do it for yourself. A durable power of attorney could prevent you from having to be declared incompetent in court if something happens where you can’t act for yourself.
It is a simple document that can save you time, money, and embarrassment, and accomplish everything that you need to continue to function as a private citizen.
Two Witnesses Not Required
It is likely that the best practice will continue to use two disinterested witnesses. However, this change makes executing a power of attorney in emergency or urgent situations significantly easier.
Statutory Powers and Statutory Form
Having a clearly recognizable statutory form will make it easier for unrepresented parties to acquire a POA, will make POAs more uniform, more recognizable to third parties, and more likely to be accepted by those parties.
The Power to Gift
It also creates limits and details about certain gifts to specific persons who are serving as agents that must be expressly authorized.
What Do I Need To Know About a Power of Attorney?
There are several different types of powers of attorney all of which work differently and serve different needs. If you have questions about what type of powers of attorney you may need, contact us. Estate planning can be complicated and change in ways that affect how your documents work. It is important to speak with a lawyer, experienced in estate planning, who can explain the options and help you create a plan that best suits your needs.