Durable Power of Attorney - Important Things to Keep In

Durable Power of Attorney - Important Things to Keep In Mind

There are times in our lives when we need to decide for ourselves in advance. And one of the decisions we can make, in case we become unable to make our own decisions and handle our own affairs due to an accident or illness, is to prepare a durable power of attorney. In a durable power of attorney, you are authorizing somebody to act for you and to handle your personal and business affairs. The person who gives the authorization is the grantor and the person who receives the authorization is called the agent.

Before preparing a durable power of attorney, there are important things that you need to keep in mind. The primary thing to keep in mind is choosing your agent. Because the person you choose as your agent will be handling your finances and properties, it is important that you choose one whom you can trust. Also, choose one who is capable of managing properties and finances. The law also requires that your agent must be at least 18 years of age. There are some cases in which an oral agreement is enough and will hold up in a court. However, there are some situations in which the circumstances require that an agreement is given in the form of a writing. There are also many institutions that require that a person who is acting on behalf of another person, present a power of attorney that grants them the legal authority to do so. These include hospitals, banks and Internal Revenue Service.


Some people think that they need to choose a lawyer as their agent. Lawyers are not necessarily the agents when preparing a durable power of attorney. As a matter of fact, you don't even need a lawyer to witness the signing of the document. What you need is a registered notary.

A durable power of attorney is very important. This is because with it, you will be able to indicate a trusted individual who will make decisions and manage your finances if you become physically or mentally incapacitated. People usually choose a trusted member of their family as their agent. This could be the spouse, sister or the legal advisor of the grantor. What is important is that the agent is capable of making business and other legal decisions.

A durable power of attorney should be set up while a person is still capable of signing legal documents and making decisions for themself. Because if a person becomes incapacitated, and can no longer legally set up a durable power of attorney, it will be too late for them to have the opportunity to choose somebody whom they trust to manage their affairs.

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