What is it?
Durable Power of Attorney allows you to appoint an “agent” to make decisions on your behalf in the event of incapacity (also called ‘Durable’ Powers of Attorney).
How does it work?
There are several types of power of attorney. In the case of property powers of attorney, your agent may be authorised to deal with all your financial matters and to transact business on your behalf – such as withdrawing and depositing funds from bank accounts, investment accounts, mutual funds, accessing safe deposit boxes, selling real estate, filing tax returns, as well as dealing with employment benefits, insurance companies, and asserting claims.
Health care/Medical Power of Attorney grants your designated agent the power to make all health care decisions on your behalf, and in some states, decisions regarding the withdrawal of life-sustaining treatment. The “standard form” Power of Attorney are used frequently because they are readily accepted by many third parties (banks, insurance companies, title companies, doctors, hospitals, etc.).
Benefits
A Power of Attorney for property will have the power to make property-related decisions on your behalf should you become incapacitated.
Power of Attorney for health care will provide health-related direction on your behalf including conveying your wishes about life-sustaining treatment.
A well-drafted durable power of attorney can help you avoid the frequent family disputes as to how your financial and healthcare matters should be handled.
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