WHAT IS A “DURABLE POWER OF ATTORNEY”?
First, a Durable Power of Attorney has nothing to do with lawyers. A Durable Power of Attorney is simply a document by which you delegate to another person or institution the authority to act for you if you are disabled. You can customize your Durable Power of Attorney to provide for broad or limited powers.
WHY DO I NEED A DURABLE POWER OF ATTORNEY?
All of us run the risk of becoming incapacitated by reason of stroke, accident, or advanced age. A Durable Power of Attorney delegates the responsibility for the management of your assets and your personal care to another person or institution. Our firm recommends that all of our clients execute a Durable Power of Attorney as a part of a comprehensive estate plan.
WHY SHOULD A POWER OF ATTORNEY BE DESIGNED AS “DURABLE”?
This permits a Power of Attorney to remain effective despite your disability. However, it is necessary that your Power of Attorney express your intent that the Power of Attorney be “durable”.
WHO CAN I DESIGNATE TO ACT FOR ME IN MY DURABLE POWER OF ATTORNEY, IF I AM DISABLED?
- Your Spouse
- Your Children
- Your Corporate Trustee