What is a Durable Power of Attorney Form?
A durable power of attorney form is made to help you plan for unfortunate events such as a serious injury or illness. With a durable power of attorney form you can appoint someone to legally act on your behalf, which is called a “agent” or “attorney-in-fact”. On the form you can limit your agent to act on your behalf for a limited or very specific task or event. You could appoint a family member, advisor, or a trustworthy friend or institution like a bank.
The difference between a durable power of attorney and a regular power of attorney is that a durable power of attorney will still be legally valid even if you become incompetent or unable to make your own decisions. With a regular power of attorney it will become legally invalid if you become unable to make your own decisions. All fifty states now permit the use of a durable power of attorney, and it can not be revoked simply because the ‘principal’ becomes incapacitated or mentally incompetent. Upon death though, your durable power of attorney will be immediately revoked.
Mainly, a durable power of attorney is used for convenience purposes. Suppose you have your home listed for sale, and you could not be in town to complete the legal transcation. You can use a durable power of attorney to a appoint a ‘attorney-in-fact’ to manage these kind of transactions, and you could have your ‘agent’ complete the transcation legally for you. Your agent can sign the documents, and negotiate the sale for you.
Also, you can revoke a durable power of attorney anytime, as long as your competent. To revoke it simply sent your agent a written notice notifying him or her that the document has been revoked. Once your agent has notice of your revocation, the agent can no longer legally act on your behalf. Doing so would be illegal, although any actions taken prior to the date of the revocation is still legal.
Another thing you could do is make your durable power of attorney effective only upon your incapacitation. This document is often referred as the “springing” durable power of attorney. This is because it “springs to life” on a specific occurence in the future; your incapacity. Its important to include a detailed definition of “disability” to make it perfectly clear when your agent can act on your behalf.
Don’t procrastinate, executing a durable power of attorney can help you manage your life and protect your family in case you become seriously injured or incapacitated.
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Help answer the question about power of attorney
What kind of power of attorney do I need to file if the person is already deceased?
My brother passed away and he has never been married and has no children. He did not have a power of attorney and now we are trying to file taxes, deal with his personal property, real estate etc.. and we need to have a power of attorney… I am going to try to file this forms myself but is very unsure which power of attorney I need to file to give my mom all the rights to act on his behalf … Could someone please advise me … I am in the state of Mississippi.
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This article has been brought to you by Legal Forms Bank .Biz where you will find your state’s legal forms online. Helping you file your own legal forms is our goal. We have your state’s Durable Power of Attorney Form and Power of Attorney Child form.
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