Durable Power of Attorney for Property
A durable power of attorney is a grant of authority
- By one person (the principal)
- To another person (the attorney-in-fact or agent).
Through the durable power of attorney, the principal gives the attorney in fact authority to perform certain specified acts, or a broad range of acts, on behalf of the principal. Authorized acts may include handling finances, managing property or other tasks. Typically, durable powers of attorney are effective immediately upon execution. They always terminate at the death of the principal.
Durable powers of attorney are not just forms.
They are powerful documents that should be customized to meet each person’s estate plan, goals, and family situation. Making your own power of attorney from a store bought form can result in difficulties. You should consult with a knowledgeable elder law or estate planning attorney for this kind of document.
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Frequently Asked Questions about Powers of Attorney
Q. Can I have more than one agent or attorney-in-fact?
A. Absolutely. Example: Frequently, a person will name their spouse and one of their children as attorney-in-fact with each having full authority.