Set brand in the Durable Power of Attorney

Aug 6th, 2022
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How to set brand in the Durable Power of Attorney

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hi Im Shannon Miller with the Miller elder law firm and I want to talk today a little bit about some of the less notable estate planning documents that are probably the most important documents we have in the age of kovat 19 I want to start off by talking about durable powers of attorney which youve probably heard very much about they are very important in fact in my mind for most people the durable power of attorney is the most important document that we draft as attorneys we know that if you docHub the age of 70 that you have an 80 to 85 percent chance of becoming incapacitated before you die so what that means for us is that it is very likely that you will need someone to use a durable power of attorney for you if you become incapacitated and its likely that thats going to happen the alternative to a durable power of attorney if you have not done one if lets say you have to go on a ventilator and your bills need to be paid someone would have to go and do a guardianship in order

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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.
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.
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.
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.
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.
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.
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.
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.

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