Kansas General Durable Power of Attorney Appointing Agent to Act For Principal Regarding All Property Matters
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FAQ
You can give someone the legal authority to act for you with a document called a Power of Attorney. If you give a Power of Attorney, you are called the principal and the person you give it to is called the agent or the attorney-in-fact.
You can limit the power you give to your attorney ? for example, you could allow them to deal with your bank account but not your property. An OPA is useful in certain situations, but it's usually best to create an LPA instead as your attorney can continue to act for you if you ever lose mental capacity.
For most people, the best option is to have a general durable power of attorney because it gives your agent broad powers that will remain in effect if you lose the ability to handle your own finances. An attorney can customize a general POA to limit powers even more?or add powers, Berkley says.
However, a general power of attorney only operates while you are still coherent and mentally capable. It automatically expires upon incapacity or death. A durable power of attorney remains operational upon incapacity, although it expires upon death.
A Power Of Attorney Doesn't Address What Happens to Assets After Your Death. A power of attorney ends at your death, so it does not do anything to protect your wealth after you are gone or to facilitate the timely transfer of assets to loved ones.
One major downfall of a POA is the agent may act in ways or do things that the principal had not intended. There is no direct oversight of the agent's activities by anyone other than you, the principal.
The POA cannot transfer the responsibility to another Agent at any time. The POA cannot make any legal or financial decisions after the death of the Principal, at which point the Executor of the Estate would take over. The POA cannot distribute inheritances or transfer assets after the death of the Principal.