Power of Attorney is an essential legal form used to protect your well-being and manage your finances if you have reached a point when you can no longer do them on your own.
Once you create a Power of Attorney for your own use, you are then known as the principal, grantor or donor, of power. The person to whom you are conveying powers or authority is called the agent or the attorney-in-fact.
Make sure you understand that just because the term “attorney” is used in a Power of Attorney it does not necessarily mean that you have to give authority to a lawyer. Your agent or attorney-in-fact can be anyone you trust to handle your affairs.
With Durable Power of Attorney, the attorney-in-fact continues to have authority and can act on behalf of the principal, even if the principal becomes mentally incapacitated.
Durable of Power of Attorney grants the agent the right to act on the principal’s behalf even after he or she has become mentally incapacitated.
The agent can make crucial decisions for you even when you are unable to do so. Durable Power of Attorney takes effect right after the principal and attorney-in-fact have signed it and it ends when the principal dies.
Steps to Prepare a Durable Power of Attorney Form
Sometimes situations call for a trusted person to take care of your finances and health care affairs and make legal decisions on your behalf. Preparing a Durable Power of Attorney is not as daunting as it may seem.
First, download a free Durable Power of Attorney form online. Decide which type of Durable POA form you need, whether it’s medical or financial.
Remember to make sure that your agent is someone you trust with your life! With Power of Attorney, your agent can make financial, health care and many other legal decisions as you would yourself.
List all of your assets, liabilities and completely document all the necessary facts that will guide your attorney-in-fact to make to correct decisions regarding your affairs.
Make sure that you understand exactly what you want to accomplish with your Durable Power of Attorney. We cannot stress enough to consult with a lawyer to answer any questions that you may have.
Free Durable Power of Attorney Form
You can download the following free Durable Power of Attorney form and use for your needs. Fill free to copy and paste it, then print out the Durable POA as needed:
Types of Durable Power of Attorney
- Medical Durable Power of Attorney Form –
- Financial Durable Power of Attorney Form –
If you become mentally incapacitated, a Medical Durable Power of Attorney is legally required to abide by your treatment preferences, as long as you communicate what those preferences are in your Durable POA.
With a Financial Durable Power of Attorney your attorney-in-fact manages investment accounts, collects benefits, signs and files your taxes, pursues legal matters, accesses safety deposit boxes and much, much more.
Make Sure to Notarize Your Durable POA
A Durable Power of Attorney must be signed and notarized before it is in effect. Your Durable Power of Attorney is an indispensable legal document giving you satisfaction that your well-being and all your possessions are taken care of if you become unable to make decisions.