![]() Both can be included in a single form, but can cause complications down the line if not separated. Additionally, having separate durable power of attorney documents are beneficial for organized and streamlined financial and healthcare decisions. While durable power of attorney forms are available online, it is best to work with an attorney to draft these legally binding documents. The person who the durable power of attorney is for must also grant permission and be of sound mind when making the decision to do so. To set up a durable power of attorney, first identify the individual receiving the power to make decisions on behalf of another and obtain their permission to move forward with the process. There are also more specific types of power of attorney that grant only narrow power, such as granting authorization over only medical decisions, financial decisions or business decisions. As such, a durable power of attorney is more appropriate for handling important end-of-life decisions.Ī general power of attorney lets another person make decisions regarding signing contracts, paying bills, filing taxes and handling other important financial matters and medical decisions. A typical power of attorney ends if the individual granting power of attorney becomes incapacitated, while a durable power of attorney will stay in place. The key difference is when they can be used. durable power of attorneyīoth types of POA grant similar authority. The same individual can be appointed as a durable power of attorney and executor, if desired. ![]() Since a will becomes effective after death, the individual assigned as the executor of the will takes over. Once the individual passes away, the durable power of attorney authorization and responsibilities cease to exist. A durable power of attorney also gives you power over filing the respective individual’s taxes, applying for government benefits for another and managing their payments and bank accounts. ![]() Many families assign a durable power of attorney to protect elderly or cognitively impaired loved ones.Ī durable power of attorney can extend authorization to all pertinent areas of one's life, including medical and financial decisions, after an individual is unable to act on their own behalf. If the POA is deemed durable, the POA remains in effect if the person granting the authorization becomes incapacitated.ĭurable powers of attorney are set in motion to protect people in case of a medical emergency or other situations where an individual is incapable of making a sound decision or choice. A power of attorney (POA) is a legal document authorizing an individual to handle specific matters, such as health and financial decisions, on the behalf of another.
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