What is a Durable Power of Attorney?
You may designate a friend or relative to act on your behalf under a power-of-attorney, which can be specific and limited to a certain task or transaction or may be broad and general and allow the power holder to do almost anything in your best interest. All states provide that a properly drafted power-of-attorney will be effective even after the disability or incapacity of the person who gave the power (a so-called “durable power of attorney”), and indeed that has become a primary reason to create powers-of-attorney. The power-of-attorney can also prevent problems that arise when the name of another person is added as a joint tenant (or other form of co-owner) to a bank account or other asset as a matter of convenience.
You may designate a friend or relative to act on your behalf under a power-of-attorney, which can be specific and limited to a certain task or transaction or may be broad and general and allow the power holder to do almost anything in your best interest. All states provide that a properly drafted power-of-attorney will be effective even after the disability or incapacity of the person who gave the power (a so-called durable power of attorney), and indeed that has become a primary reason to create powers-of-attorney. The power-of-attorney can also prevent problems that arise when the name of another person is added as a joint tenant (or other form of co-owner) to a bank account or other asset as a matter of convenience.
