Durable Power Of Attorney Save Excel For Free

There are two main types of durable powers of attorney: Financial Power of Attorney: Also called a durable power of attorney for finances, this gives the person of your choice the authority to manage your financial affairs should you become incapacitated.

It can be used to give another person the authority to make health care decisions, do financial transactions, or sign legal documents that the Principal cannot do for one reason or another.

If you name alternate agents, it's a good idea to give those agents a copy of the power of attorney so they can use it if needed. Otherwise, you should keep the document in a secure location, such as a home safe, safety deposit box or stored at your attorney's office.

A durable power of attorney will remain effective even if the principal becomes incapacitated.Usually, powers of attorney do not need to be recorded. However, powers of attorney dealing with the sale and purchase of real estate must be recorded.

But elder-law attorneys across the country say they have encountered financial institutions unwilling to honor valid powers of attorney. Even in states where statutes require banks to accept a durable power of attorney, or waive their liability when they do accept it, elder-law attorneys have seen some balk.

The principal's power of attorney only authorizes the designated agent to act on behalf of the principalnot anyone else. The agent cannot act on behalf of the principal's spouse, and the spouse does not have the power to terminate or modify the principal's POA.

A Durable Power of Attorney is one of the most important documents anyone can have in place in the event they are unable to care for themselves. A Durable Power of Attorney acts as a permission slip, giving authority to a third party to do things on behalf of someone else who cannot do it for themselves.