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Aug 6th, 2022
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How to Link shadow in the Durable Power of Attorney

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hey there im paul Rabelais im an estate planning attorney and in this video im gonna talk all about power of attorney something just about everybody does hmm often misunderstood so Im gonna lay out really 10/10 critical points that affect people when they either are creating a power of attorney or theyve been appointed by someone else who created a power of attorney so Im Paul Rabelais estate planning attorney help our clients all around Louisiana get and keep their legal affairs in order so first let me go over what is a power of attorney so power attorney is something that just about everybody does when theyre getting all of their legal affairs in order but its a its an instrument or a legal document where you give someone else the authority to transact for you and then were gonna you know dig into some of the details here so I want to give you ten key points about power of attorney the first four are gonna be really more definitions but you need to know the definitions an

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This is known as a durable power of attorney. It is durable because it is effective when signed and survives your later incapacity (if that occurs). The other type of power of attorney is a springing power of attorney which springs into effect only when you become incapacitated.
Non-durable power of attorney With a non-durable POA, your agents power to act ends if you become incapacitated. Non-durable POAs arent useful for estate planning, but can be useful in other scenarios. For example, you might grant your stock broker a non-durable POA so they can manage your investments day-to-day.
There are no special qualifications necessary for someone to act as an attorney-in-fact except that the person must not be a minor or otherwise incapacitated. The best choice is someone you trust. Integrity, not financial acumen, is often the most important trait of a potential agent.
A durable power of attorney remains in effect until the person who grants it dies or cancels it. It does not need to be renewed over time.
Disadvantages Your loved ones competence at the time of writing the power of attorney might be questioned later. Some financial institutions require that the document be written on special forms. Some institutions may refuse to recognize a document after six months to one year.
A general power of attorney allows the agent to make a wide range of decisions. This is your best option if you want to maximize the persons freedom to handle your assets and manage your care. A limited power of attorney restricts the agents power to particular assets.
The opposite of this is a general power of attorney, a comprehensive authority that gives your attorney-in-fact all the powers and rights that you yourself have. A durable power of attorney can be general or limited in scope, however, it remains in effect after you become incapacitated; hence the word durable.

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