Embed tag in the Durable Power of Attorney

Aug 6th, 2022
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How to embed tag in the Durable Power of Attorney

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Hi. This is Lee Phillips. I want to talk about durable powers of attorney for two seconds. Its one of what I consider the four things that you need in estate planning. You need the will, the living revocable trust, the durable power of attorney, and the living will. The durable power of attorney handles your matters when you cant function for yourself. You become incompetent. And actually, statistically, you are, like, five times more likely to be incompetent next week than you are to be dead next week. And dealing with an incompetent persons property is actually harder than dealing with a dead persons property. So the family needs to have the assurance that you have what we call a durable power of attorney. Now, the power of attorney is a document that allows somebody else to stand in and then represent you in this matter. I remember when my uncle went to the Korean War. He had a pink convertible Thunderbird, which we still had, and he gave grandpa a power of attorney to sell the

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For most people, the best option is to have a general durable power of attorney because it gives your agent broad powers that will remain in effect if you lose the ability to handle your own finances. An attorney can customize a general POA to limit powers even moreor add powers, Berkley says.
However, a general power of attorney only operates while you are still coherent and mentally capable. It automatically expires upon incapacity or death. A durable power of attorney remains operational upon incapacity, although it expires upon death.
A standard POA automatically becomes invalid if the person who made it (the principal) becomes mentally incapacitated. On the other hand, a Durable Power of Attorney remains in effect even if the principal becomes mentally incapacitated.
In order for this power of attorney to be valid it must be docHubd, but it doesnt need to be signed by any witnesses like a will does. You do not need to file a power of attorney at the courthouse unless you want your agent to be able to act on your behalf in regards to a real estate transaction.
The most glaring disadvantage of any Power of Attorney is that you are forced to trust another person to handle some or all of your financial affairs. This person can have total power and control over these affairs and is allowed, by law, to make discretionary decisions regarding these affairs.
A durable power of attorney is generally used to make plans for the care of your finances, property, and investments in the event that you can no longer handle your financial affairs yourself.
A statutory or durable power of attorney gives an agent permission to access bank accounts, sell property and make other important decisions when the principal becomes incapacitated or unable to make decisions. It stays in effect until revoked or until the principal dies.

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