Finish name in the Durable Power of Attorney

Aug 6th, 2022
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How to finish name in the Durable Power of Attorney

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so weve all heard about conservatorships by now like we think about Britney Spears and how somebody took control of her life and was able to make financial decisions on her behalf that was horrible and I think all of us want to avoid this if at all possible so while you have capacity you get to make decisions like how you invest your money bank accounts all of that but what if you lose capacity what if you get in a car accident what if you uh have dementia and youre just not able to understand understand things anymore in that case someone will need to get a conservatorship over you over your estate to manage your finances unless you sign something called a durable power of attorney in this video were going to talk all about durable Powers of Attorney everything you need to know about them and I do ask you if you find this video helpful I ask you to hit that notification button at the bottom of your screen that little bell sign so that youll be alerted when other videos like these

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The agent may be given broad or limited authority to make decisions about the principals property, finances, investments, or medical care. POAs can be financial or they can pertain to health care. Both provide the attorney-in-fact with general or limited powers.
In rare cases, a POA can be abused by an agent who tries to take advantage of their power over your affairs, which is a crime, ing to the National Center on Elder Abuse. Thats why its so important to choose an agent you completely trust to act responsibly.
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 Power of Attorney Could Leave You Vulnerable to Abuse Because of the potential that an agent could take advantage of you or steal from you, it is very important that you select the right person to act as your agent.
What three decisions cannot be made by a legal power of attorney? A power of attorney cannot change or invalidate a will, act outside of the principals best interest, or violate the terms of nominating documents, and cannot make decisions on behalf of the principal after their death.
While you arent financial liable, as the attorney-in-fact, youre still the point of contact for the principals debts. Creditors have a right to attempt to collect the funds that are owed. They dont, however, have a right to harass you.
The durable power of attorney In other words, youd use a durable POA if you wanted to give your agent authority once youre unable to act for yourself. Because of this, many consider a durable POA to be the most powerful type of power of attorney.
When a power of attorney is durable, it means your agents authority to act on your behalf continues even if you become incapacitated. Durable POAs are often used to prepare for a situation when important decisions need to be made, but you cant make them yourself.

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