Link quote in the Durable Power of Attorney

Aug 6th, 2022
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How to link quote 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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Here is a list of key changes from Act 95: New Requirements for Executing a POA: The principal must execute the POA before a notary public and 2 independent witnesses; New Formalities Required: The first page of the POA must include a statutory notice in capital letters signed by the principal.
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.
Some states used to require the renewal of a power of attorney for continuing validity. Today, most states permit a durable power of attorney that remains valid once signed until you die or revoke the document.
An enduring power of attorney is a legal document that you make to give another person the authority to make financial decisions on your behalf. The document: is written when you are capable of making your own decisions. states when the person will have authority.
A Power of Attorney Could Leave You Vulnerable to Abuse The agent you select has a fiduciary duty to act in your best interests, but there is essentially limited or no oversight unless it becomes clear that the agent is abusing his or her authority and legal action is taken.
An Oklahoma durable power of attorney is a power of attorney form that continues to provide your agent with the authority to act on your behalf if you are declared incapacitated. An Oklahoma durable power of attorney can be a financial power of attorney, a general power of attorney, or medical power of attorney.
A durable power of attorney is one that either takes effect upon or lasts after the principals incapacitation. This is different from a general power of attorney, which would terminate at this point.
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.

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