Durable Power of Attorney
The Durable Powers of Attorney are very powerful documents designed to allow the designated person or persons to manage your financial affairs. For instance, your agent has the power to buy and sell real estate, open and close bank accounts, and sign your tax returns. These are just a few of the powers you will be giving to your agent. Each person you choose to act as your agent needs to be a person you trust completely. Before you sign your powers of attorney, please review them carefully to make sure you are comfortable granting all of the listed powers.
These documents are often utilized when one spouse is traveling or unable to execute documents that require the signature of a spouses, business partner, or another party. The Power of attorney can be limited to various transactions including specific assets. Often real estate transactions are executed with the use of a power of attorney. The power of attorney can take effect immediately or only upon a triggering event such as mental or physical disability.
Some powers of attorney end upon a disability or incapacity, and others such as the Durable Power of Attorney can survive a disability or even be triggered upon such an event.