What is a Durable Power of Attorney?
Many people are unaware that an ordinary power of attorney is revoked, and the agent`s power to act for the principal automatically stops, if the principal becomes incapacitated.
Under Missouri law, and the law of many other states, a power of attorney with proper wording may be made durable. This means that the power of the agent to act on the principal`s behalf continues despite the principal`s incapacity, whether or not a court decrees the principal to be incapacitated.
Through a durable power of attorney, an agent may continue to act on your behalf even after you have had a stroke or other incapacitating illness or accident. If the power of attorney so provides, the agent can use your funds to pay your bills, can contract for nursing home services for your benefit and can make basic health care decisions for you.
An aging parent may wish to give a durable power of attorney to a responsible adult child so that the child can act on the parent`s behalf and carry on routine matters in the event the parent is disabled or incapacitated. In many instances, this arrangement is far better than making the child the joint owner of the parent`s bank accounts and other property and assets.
To create a durable power of attorney in Missouri, the title to the document must include the word durable and the document must state: This is a durable power of attorney and the authority of my attorneyinfact shall not terminate if I become disabled or incapacitated. In many other states, the document must state in substance that this power of attorney shall not be affected by subsequent disability or incapacity.
Other Missouri Estate Planning FAQs
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What is a Power of Attorney?
A power of attorney is a document by which you appoint a person to act as your agent. An agent is one who has authorization to act for another person. The person who … more -
What about the Revocation of a Durable Power of Attorney?
The death of the principal revokes even a durable power of attorney, except for a third person relying on the power of attorney who does not know of the death. Also, … more -
What Powers are Granted by General Powers of Attorney?
Under Missouri law before August 1989, a valid power of attorney had to spell out in detail all of the authorizations granted to the agent. Under a new Missouri law … more -
Must I Sign a Power, and if I Do, Will it be followed?
No person can be forced to sign a power of attorney, especially one for health care decisions, which cannot be required for admission to a hospital. Once created, … more -
What Specific Cautions must be made in Preparing and Granting Powers of Attorney?
An effective durable power of attorney, and especially a springing durable power of attorney, needs to be very carefully worded and you should seek the assistance of … more -
What is Probate?
Most people are familiar with the operation of the civil and criminal divisions, having seen trials portrayed on television and described in various newspaper … more -
How is Property Transferred at Death?
The probate division has been established primarily to protect the rights of one`s heirs, beneficiaries under a will and creditors, and to assure the orderly transfer … more -
What About the Rights of Creditors and Collection of Debts?
The probate division serves as a forum through which creditors of the deceased can protect their claims and seek payment. Also, the Personal Representative of the … more -
What About Payment of Death Taxes?
Another important function of the probate division is to provide for the collection of any taxes which might have been due by reason of the deceased`s death or on the … more -
What About Establishing Title to Real Estate?
The administration of an estate in the probate division also serves to establish clear title to any real estate that the deceased may have owned at the time of death. … more
Estate Planning Sub-categories
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Estate Planning
Estate Taxes Guardianship Power of Attorney |
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Trusts Wills Durable Power Of Attorney |
