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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

durable power of attorney

A legal document conveying authority to an individual to carry out legal affairs on another person's behalf.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

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.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.

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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
Missouri Revised Statute section 194.119 defines the "right of sepulcher" as "the right to choose and control the burial, cremation, or other final disposition of a dead human body." (76) The provision further provides that "[t]he next-of-kin of the deceased shall be entitled to control the final disposition of the remains of any dead human being." (77) The court explained that the statute sets forth a hierarchical scheme for determining a decedent's next-of-kin: at the top of the list is "[a]n attorney in fact designated in a durable power of attorney wherein the deceased specifically granted the right of sepulcher over his or her body to such attorney in fact." (78) Surviving children are lower in the hierarchy.
The use of a broadly drawn durable power of attorney may negate the necessity of petitioning the local court for appointment of a guardian or conservator to handle the principal's assets.
Durable Power of Attorney for Healthcare?" He continued, "I remind my patients that I have a Durable Power of Attorney for Healthcare.
A durable power of attorney designates a representative, such as your spouse or adult child, to perform certain actions for you should you become ill, incapacitated, or otherwise unable to manage your affairs.
2) "The holder of a family durable power of attorney is appointed by the donor of the power, and essentially performs the same functions as would a court appointed guardian." (19)
There are different kinds, such as the living will and the durable power of attorney for health care.
The following sections address: (1) constitutional rights of people with disabilities; (2) outreach and identification strategies; (3) exploring the limits of community living (personal stories); (4) first meeting and initial planning; (5) identification of barriers and advocacy strategies; (6) housing; (7) states' use of home health, the Personal Care Services benefit, and waivers; (8) general guidelines for nursing facility transition; (9) a timeline for activities for transition; (10) developing a safety plan; and (11) cognitive impairment, guardianship, durable power of attorney, and Adult Protective Services.
The NCLR Essential Documents packet provides basic information about these documents--including wills and trusts, documents protecting choices of medical care, autopsy and disposition of remains, hospital visitation authorization, durable power of attorney for finances, authorization for consent to medical treatment of a minor, and nomination of guardian for a minor--as well as sample forms.
A durable power of attorney remains effective until the principal revokes it or dies.
In addition to allowing for continuity of management and safeguarding the principal's assets in the event of incapacity, a durable power of attorney can be particularly useful for estate and other tax planning purposes.
[solid index] Have a durable power of attorney for property and for health care.