Durable Power of Attorney – A Broader Prevention Method
Generally, a Power of Attorney gives a person the right, in some capacity, to act on your behalf in your affairs. You can give someone this authority as long as you have a sound mind and are not mentally incapacitated. This power to act can be specific or general in nature. For example, you can grant a person the power to sign your name to on a loan document if you if you are out-of-state.
You could also give a person the power to act and sign all of your legal matters, including checks, bills, contracts, statements, loans, mortgages, guarantees and other items. Of course, you should be extremely careful when granting anyone General Power of Attorney. The General Power of Attorney is very broad and you will be liable for all matters entered into by your agent.
It is important to note how to end a Power of Attorney. You can revoke it by submitting the proper paper work by your state. For more information, please contact member services to speak with an attorney.
A Power of Attorney also ends in the event that of mental incapacitation. Basically, this happens because you no longer have the soundness of mind to continue granting authority of the Power to your agent.
However, there is a broader prevention method that endures past mental incapacitation. The Durable Power of Attorney remains valid even if you are rendered mentally incompetent or unable to handle your affairs. This legal document enables you to plan for an emergency which you may not fully expect or anticipate.
If you have any questions about creating Powers of Attorney, please contact Member Services to be paired with an attorney.