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A common type of Power of Attorney is called a general durable
power of attorney. By
this, a person grants to his or her Agent the right to do everything
that he or she would normally
do. However, this too may be limited to certain specific acts.
Durable Power of Attorney can be
as broad or limited as you want them to be. A durable Power of
Attorney will remain effective
even though the person giving the power of attorney later becomes
incapacitated or ill.
A Power of Attorney grants authority only during
lifetime; it terminates upon the death of
the person giving the Power of Attorney. The Power of Attorney
may be revoked at any time, by
either the person giving it or by the agent. A Power of Attorney
is not a substitute for a Will, it
does not dispose of property upon death.
A person must be of sound mind when
he or she signs the Power of Attorney. The Power
of Attorney may then be recorded at the Courthouse to establish
the appointment as a public
record; but doing so is neither necessary nor required.
A Power of Attorney is an extraordinary measure as it gives
someone other than yourself
the right to manage, control, and possibly liquidate your assets.
Because of this, you should
make very certain that the person you appoint as your agent
is absolutely trustworthy. You
should contact an attorney before signing any such document.
If you need an attorney and don't have one, the Lawyer Referral and Information Service can help.
Call Us Monday - Friday from 8:30 AM - Noon and 1:15 PM - 3:00 PM
at (814) 459-4411. |
