durable power of attorney


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Related to durable power of attorney: Durable Power of Attorney for Health Care

Durable Power of Attorney

The legal transfer of the authority to act on behalf of another person. That is, durable power of attorney gives the designee (called an agent) the ability to sign legal documents and manage the finances of the principal in the event of the principal's incapacitation. For example, one may designate durable power of attorney to a relative in case one develops Alzheimer's disease and is unable to manage one's own affairs. See also: Advanced directive.

durable power of attorney

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

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.

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.

References in periodicals archive ?
25) Upon review, the instant court held that if a durable power of attorney explicitly provides that the agent's authority does not take effect until a physician conclusively determines incapacitation, and if the individual dies in a manner that is not preceded by a documented period of incapacity, the requisite condition precedent remains unsatisfied, and the agent's authority under the durable power of attorney does not go into effect.
The durable power of attorney permits the individual, when competent, to make a determination of who will handle the individual's affairs.
Most estate planning attorneys now recommend that clients also execute a durable power of attorney for finances.
Though not always honored by medical institutions, a medical durable power of attorney authorizes a third party, such as a spouse or adult child, to make medical decisions on your behalf, ideally to carry out what you've expressed in your living will.
08(7)(a) provides that "[e]xcept as otherwise limited by this section, by other applicable law, or by the durable power of attorney, the attorney in fact has full authority to perform, without court approval, every act authorized and specifically enumerated in the durable power of attorney.
The durable power of attorney allows me to appoint another individual who can speak with my voice if I can no longer participate in the discussion.
While a durable power of attorney allows for continuity of management and safeguarding the principal's assets in the event of incapacity, it can also be particularly useful for estate and other tax planning purposes.
Two important issues that must be considered when executing a durable power of attorney relate to (1) the selection of the agent and (2) the specific powers granted.
Finally, this section addresses practical matters related to health care coverage and future planning such as: traditional indemnity insurance, managed care, claim submission and denial, medical choices, living wills and durable power of attorney.
As a result, over the last few years, states have created a new type of power of attorney, the durable power of attorney for health care, to address the special needs that health care decisions require.
In fact, a 1994 survey of attorneys and service providers for the elderly revealed that two-thirds of the 410 respondents reported cases of abuse of the durable power of attorney.