Durable Power of Attorney
A Power of Attorney is a document in which you give someone else the authority to take actions on your behalf, for example, such as signing checks to pay your bills. A Power of Attorney may be general, granting broad powers or limited, allowing only specific actions on your behalf. The term "Durable" means that it stays in effect after the Principal becomes incapacitated and is unable to make decisions independently.
A Durable Power of Attorney is one of the most important legal tools available.
An effective Durable Power of Attorney:
- Grants a trusted individual (the "attorney-in-fact" or "agent") the ability to handle financial affairs on someone's behalf;
- Reduces the risk of a guardianship in the event of incapacity;
- Helps protect assets in the event a nursing home is needed; and
- Much more.
Your Estate Planning Partner
Attorney Myrna Serrano Setty prepares a customized Durable Power of Attorney and counsels clients on:
- How to incorporate this tool into estate planning;
- The benefits and risks of a Durable Power of Attorney;
- The powers, duties and limitations of the Agent; and
- Revoking a Durable Power of Attorney.