Durable Power of Attorney Lawyer in Clearwater
A durable power of attorney (POA) is a legal document that allows you to name someone to make decisions on your behalf if you become incapacitated. This can be very important if you become seriously ill or injured and cannot communicate your wishes. It can also be used to make financial and medical decisions for a loved one who becomes incapacitated.
A durable POA is different from a regular power of attorney because it remains in effect even if you become incapacitated. It may also be amended at any time as long as you are still mentally sound.
It is recommended to name more than one person as your durable power of attorney so that your wishes can be carried out if the first person becomes incapacitated.
Who Should Be Named as Your Durable Power of Attorney?
There are many different people who may be appropriate to name as your durable power of attorney. It's important to think about the types of decisions that may need to be made and to select someone who has the experience and knowledge in order to make the best decisions.
Some of the people you may want to name as your durable power of attorney include:
Your spouse or partner
Your adult children
Your parents or other family members
Your trusted financial advisor
Your healthcare agent
Your close friends
What Powers Does a Durable Power of Attorney Give?
A Durable Power of Attorney grants someone, known as the agent or attorney-in-fact, the authority to make various financial and legal decisions on your behalf. These powers can be broad or specific, depending on the document's language, and might include:
Financial Management: This includes handling bank accounts, investments, paying bills, and managing assets like real estate.
Tax Matters: Preparing and filing taxes, as well as make decisions related to tax matters.
Healthcare: In some cases, a Durable Power of Attorney can encompass healthcare decisions if it's a "durable" document, but typically, this is addressed in a separate Healthcare Power of Attorney or Living Will.
Property Transactions: Agent may buy, sell, or manage property on your behalf.
Legal Actions: This can involve initiating or defending legal actions on your behalf.
Contractual Agreements: The agent can enter into contracts and agreements in your name.
Gifts and Donations: Powers related to gifting or charitable donations, if specifically granted.
Retirement Accounts: Management of retirement accounts like 401(k)s or IRAs.
Insurance Matters: Handling insurance policies and claims.
Business Operations: If you own a business, your agent can manage its affairs.
These powers can vary, so it's crucial to consult with an attorney to ensure your Durable Power of Attorney aligns with your specific needs and wishes.
To speak with an attorney about durable powers of attorney, call O'Connor Law Firmat (800) 655-0175 or contact us online.
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