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 ?
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.
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.
So, even if a durable power of attorney has been established, some states may require that the principal establish a durable power of attorney for health care.
The combination of the durable power of attorney and a living trust can provide an excellent mechanism for implementing a business-continuation plan.
A durable power of attorney enables any competent individual to name someone to exercise decision-making authority, under specific circumstances, on his or her behalf.
The Mesothelioma Compensation Center says, "This week we would also like to urge all diagnosed victims of mesothelioma, or their family members to be certain the victim has a durable power of attorney in place, in the event the individual is no longer able or is too sick to make decisions on their own.
Army Reserve Center in April to offer free legal services to Army reservists, specifically, the creation of advance directive documents: durable power of attorney, healthcare surrogate designation, designation of preneed guardian, a living will, and a simple will.
Red flags of abuse include if an elderly person has recently changed in appearance, given someone durable power of attorney, asked to change his or her will or been depressed, said Robert Roush, associate professor of medicine, geriatrics faculty, Baylor College of Medicine.
He describes the process of choosing beneficiaries and taking stock of property, and the rules for giving it away as well as how to manage the affairs of children, plan an estate to avoid probate, compare the drafts, prepare the final will, store and copy the will, and other options such as understanding living trusts, preparing for tax savings, creating documents for Health Care, and trading in durable power of attorney for finances.