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.It is possible to create a durable power of attorney so that it will only go into effect when the principal is incapacitated or when some other stipulated event or condition occurs. This is ordinarily called a springing durable power of attorney.
Speak to an Experienced Estate Planning Attorney Today
This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified estate planning lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local estate planning attorney to discuss your specific legal situation.
Additional Estate Planning Articles
- What Is A Power Of Attorney?
- What About The Revocation Of A Durable Power Of Attorney?
- What Powers Are Granted By General Powers Of Attorney?
- Must I Sign A Power, And If I Do, Will It Be Followed?
- What Specific Cautions Must Be Made In Preparing And Granting Powers Of Attorney?
- What Is Probate?
- How Is Property Transferred At Death?
- What About The Rights Of Creditors And Collection Of Debts?
- What About Payment Of Death Taxes?
- What About Establishing Title To Real Estate?
- What About The Surviving Spouse's Rights?
- What Is Simplified Probate Administration?
- What Are Some Other Functions Of The Probate Division?
- What Is A Tenancy In Common?
- Will A Joint Tenancy Avoid Probate Expenses?
- Can A Revocable Living Trust Be Changed Or Revoked?
- Is A Revocable Living Trust An Adequate Substitute For A Will?
- Will A Revocable Living Trust Avoid Probate Expenses?
- What Are Some Of The Advantages Of A Revocable Living Trust?
- Is A General Durable Power Of Attorney Or A Living Will Still Needed?
- What Are Some Other Considerations In The Use Of A Revocable Living Trust?
- Who Can Advise You About A Revocable Living Trust?
- What Are Some Of The Disadvantages Of A Revocable Living Trust?
- Does The Revocable Living Trust Reduce Income Taxes Or Estate Taxes?
- Should I Use A Joint Account For Help In Writing Checks?
- May Safe Deposit Boxes Be Jointly Held?
- What Is A Guardian?
- What Is A Conservator?
- Who Can Be The Trustee?
- Who May Be Appointed Guardian And Conservator?
- What Does It Mean To Be Incapacitated Or Disabled?
- What Is The Legal Effect Of A Judicial Determination Of Incapacity Or Disability?
- How Are Guardianship And Conservatorship Proceedings Commenced?
- What Are The Duties Of A Guardian And A Conservator?
- Is The Conservator Or Guardian Personally Liable For The Debts Of The Protectee Or Ward?
- How Are Guardianship And Conservatorship Terminated?