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Did you know the absence of a durable power of attorney for financial decisions could result in the necessity of an expensive guardianship proceeding?
A Durable Power of Attorney (DPOA) should be a part of every estate plan. This important legal document authorizes a person (the “agent” or the person whom authority is granted) to manage the financial affairs of another (the “principal” – the person granting the authority).
Unlike a “Power of Attorney”, a “Durable” Power of Attorney means that the power of attorney continues to be effective and will not terminate if the “principal” becomes incapacitated, mentally incompetent, disabled or cannot act on their own behalf.
By signing a durable power of attorney, the “principal” authorizes the “agent” to engage in specified financial, business, and/or legal transactions on his or her behalf.
The “principal” can revoke a durable power of attorney at any time by notifying the “agent” in writing, and destroying the document. Be certain to sign the document and send it to any institutions or agencies that have a copy of the power of attorney. You will also need to acquire the old power of attorney back from your “agent”. If you are unable to receive back the old power of attorney, then send the “agent” a certified letter stating that the power of attorney has been revoked.
Ready for effective, immediate action for your Estate Planning matter? Contact Drizin Law at 702-798-4955 to speak with an attorney today.