What is a Power of Attorney? What is a Durable Power of Attorney?
A general power of attorney is a document that allows somebody to make decisions for and with you. It allows for a trusted advisor to assist you in taking care of your personal matters. There are different variations: health, financial, limited, and general.
First, we’ll look at a general power of attorney, then we’ll look what makes a durable power of attorney different.
You’ll often see the phrase power of attorney discussed as seniors get older, and need help making decisions with financial or health issues. There are other custodial reasons, but for this example, I want to be as clear as possible. As our parents age, they may start having difficulty with simple things like writing checks or taking care of themselves.
With a financial power of attorney, you may be assigned to help with financial decisions or things like signing checks for your parent to help pay their bills. Maybe arthritis has made it difficult for your mother to write out her bills. By creating a financial power of attorney, you’ll be able to do that for her, signing your name to her checks.
Just like financial situations, there may be reasons for a power of attorney that helps make decisions about your parents’ health and medical care choices.
Note: It’s important to understand this power of attorney isn’t causing the authority (your parent in the example given) to give up their rights. You’re simply able to assist them when needed.
What makes a durable power of attorney different than a regular power of attorney?
It’s the wording that’s used based on when the power of attorney ends. So, while you’re acting on your loved one’s behalf, there are situations where things change. What happens when the person in question becomes incapacitated?
A durable power of attorney stays in effect. A general power of attorney ends based on certain criteria, but the durable power of attorney continues. It is up to the authority (your parent) to make the decision when to end the durable power of attorney if they are capable of making those decisions at a later point.
To learn more contact Robinson & Casey, PLLC. Located in West Palm Beach, FL. We are here to assist you.
