Once signed, the Durable POA allows your agent to manage your real and personal property, stepping into your shoes when necessary. The remarkable feature of this document is that its powers endure even if you become incapacitated, providing you with continuous support during challenging times.
Key points to know about durable power of attorney include the following:
Lifetime effect: The powers you bestow upon your agent through the POA last throughout your lifetime (even if you become incapacitated) or until you decide to cancel it. You can revoke the POA as long as you are competent, affording you flexibility and control.
Safeguarding your interests: Designating a capable agent ensures that your financial and personal affairs are managed responsibly and in line with your wishes. By doing so, you can avoid potential mismanagement or uncertainty during times of incapacity.
Proper execution: To validate your durable power of attorney, you must sign and date it before a notary or two witnesses, adhering to legal requirements.
Understanding agent authority: Granting someone the authority to act on your behalf warrants a clear understanding of their powers and responsibilities. Seeking counsel from a lawyer knowledgeable in estate planning can provide valuable insights into your POA’s provisions and the extent of your agent’s authority.