Here are three things you should know about Durable Powers of Attorney:
Many people don’t know that a power of attorney is among the most powerful legal documents we have. It may provide another person(s) the capability of acting on your behalf concerning all financial and contractual matters. Typically, they have the ability to engage in financial matters, without your oversight, due to the legal documentation.
You still have the power to act
Appointing a person to act on your behalf doesn’t keep you from acting upon your own behalf. If you’re capable of making your own decisions, it’s vital that you know that you still have a right to do so. A POA doesn’t remove that power to act, it simply authorizes another person to act under the limits you’ve placed. It isn’t the same as a guardianship, in which a court of law deems you incapacitated and determines someone else should be in charge of your affairs.
They don’t “trump” a will
We frequently hear about concerns that you already have a will and you’ve appointed a personal representative underneath the document; therefore, you do not want to cause any confusion about who actually has the power to act. The last will and testament that you’ve made controls who’ll act on behalf of your estate once you pass away. That person doesn’t have the authority to act until you’ve passed away and a court of law appoints the individual to act on behalf of your estate. A Durable Power of Attorney is only effective during your lifetime.
For more information about Power of Attorney contact LifePlanLaw.com – Blackburn Law Firm, PLLC today at (727) 826-0923.