As people age, their capabilities to perform various functions like management of property become limited. A power of attorney comes in handy to help you as the principal to donate your powers to another party – known as an agent – to act on your behalf in making some or all decisions regarding your estate. There are four types of power of attorney from which you can choose, but it takes a good understanding of the law to know the one best suited for your case. Therefore if and when you decide to have a power of attorney drafted, you should involve an attorney. Our attorneys at Moses PC have expertise in generational planning for families. They will help you understand what power of attorney entails and, in particular, the different types of a durable power of attorney.
A durable power of attorney is usually the most recommended because it takes effect even after you have been incapacitated, hence the term durable. With a durable power of attorney, your family members won’t have to seek legal guardianship if you are incapacitated, thus saving so much on judicial time and family resources. There are two types of a durable power of attorney which you can choose from.
General durable power of attorney
A general durable power of attorney donates to the agent the powers to perform any acts, as stipulated in the document. Therefore when making a general durable power of attorney, as the principal, you need to be very concise regarding the matters the agent is supposed to handle on your behalf. Conciseness helps remove any doubts if you become incapacitated.
Limited durable power of attorney
A durable power of attorney can either be drawn in a broad scope of a narrow scope. As the principal, you have a choice of donating the power to manage a single piece of property for a certain duration of time. Hence the powers of the agent will only be to the extent of the single property as stipulated in a power of attorney. You can also choose to donate power over a wide scope of your properties for a certain duration of time. In case you end up incapacitated, a durable power of attorney will continue until death.
You need to note that, for the durable power of attorney, whether general or limited in scope, both stay in existence till death. Apart from death, there are also other ways through which a durable power of attorney can end:
• Revocation of the power of attorney at any given time
If you want to bring an end to a durable power of attorney, you can authorize it for a revocation.
• Donating new power of attorney over the same subject matter
If you have been thinking about donating some powers to an agent through a durable power of attorney. Please contact Moses PC and receive deserving legal assistance.