durable power of attorney

durable power of attorney

A legal document conveying authority to an individual to carry out legal affairs on another person's behalf.

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Durable power of attorney. You can grant a durable power of attorney to an agent of your choice, giving that person -- called the attorney-in-fact -- the right the make legal decisions for you if you aren't able to do so.

Your attorney-in-fact also has the right to buy and sell property on your behalf and to handle your financial affairs. You retain the right to revoke the power or name a new agent at any time.

An agent with durable power of attorney continues to have the power to act on your behalf if you become incompetent. However, not all states allow durable powers.

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durable power of attorney

A power of attorney instrument gives one person—the attorney in fact—the power to act for another in a general manner for all things,or for specifically listed things or areas described in the power.The power ceases as soon as the person granting it—the principal— dies or becomes legally incompetent. A durable power of attorney is different, in that it continues even though the principal becomes incompetent, but still terminates upon death. Used by many elderly people to allow children to manage their affairs in the event of mental disability,but without the stigma,expense,and court oversight of a formal declaration of incompetence and appointment of a guardian.