A durable power of attorney is a type of written document that gives another person permission to act on your behalf for financial or legal matters. While having a power of attorney may be beneficial, you must be very careful about who you select to serves as your power of attorney.

Function

A durable power of attorney allows gives legal permission to someone else known as a POA to write checks or make withdraws from your accounts, buy or sell stocks or other investments in your name, enter into contracts, buy or sell real estate and pay your bills.

Time Frame

Unlike other types of power of attorney documents, a durable power of attorney has no time limit, becomes effective as soon as you sign the document and remains effective if you become incapacitated or incapable of making your own decisions.

Types

Financial durable powers of attorney allow your POA to only make financially related decisions, and medical durable powers of attorney let your POA make decisions about your health care, such as if you should be kept alive with life support.

Decisions

Because a durable power of attorney has access to all of your money and can even sell your home, it is important that you select someone who you know you can trust. You have the option to revoke your power of attorney and designate someone else instead if you change your mind at any time.

Considerations

A durable power of attorney document may not be the most beneficial for your specific needs. Contact an attorney for professional guidance.

Source:

Understanding Power of Attorney

Maine Legal Services for the Elderly