A Power of Attorney (POA) is a legal document that grants authority to someone you choose to take action on your behalf.
POAs can be used for a variety of purposes but they’re most commonly used when you need your attorney to negotiate or enter into contracts on your behalf.
What makes a POA “durable” is that you intend for the authority to continue, even if you become incapacitated. The authority granted under a general POA is automatically revoked if you become mentally incapacitated or otherwise unable to speak on your own behalf. A Durable POA on the other hand, is intended specifically to grant authority for someone to act as your agent while you’re incapacitated.
There are two basic types of authority you might want to grant with a Durable POA: the ability to take care of your financial affairs and the ability to speak on your behalf regarding medical treatments.
A Durable POA for financial matters would allow someone to pay your bills and take care of your day-to-day financial concerns. A Healthcare POA, on the other hand, is designed to give someone the power to accept or decline medical treatments on your behalf.
Both are equally important components of a complete estate plan. To learn more about incapacity planning and how best to protect you and your loved ones, contact our office.
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