Type of Power of Attorney
What type of Power of Attorney do you wish to create?
Frequently Asked QuestionsWhat is a Power of Attorney?A power of attorney is a document in which one person (the principal) appoints another person (the attorney-in-fact) to act for him or her. There are many reasons why you might want to appoint someone else to look after your financial affairs.
For example, if you are going to be out of the country for a lengthy period of time, you might want someone to do your banking while you are gone. If you are approaching old age, you may want to give a power of attorney to a person you trust so that he or she can manage your property for you. Difference between Ordinary and DurableAn Ordinary power of attorney is only valid as long as the principal is capable of acting for him or herself. An ordinary power of attorney will end automatically when the principal becomes mentally incapacitated or dies.
A Durable power of attorney is intended to remain in force in the event that the principal later becomes mentally incompetent. Of course, the principal must be competent at the time the durable power of attorney is made. A durable power of attorney ends automatically when the principal dies, or may be revoked at any time by notifying your Attorney-in-fact in writing that the power is revoked (You should destroy the original power of attorney).What is meant by "incapacitated"?A person may be considered "incapacitated" if the person is unable to understand information relevant to making a decision about the management of their property, or if the person cannot appreciate the foreseeable consequences of making (or not making) a decision about the management of their property.