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In this document, a person selects another person as their agent to act for them in certain matters that are described in the document. Some Durable Powers of Attorney give very broad powers to the agent while others limit the abilities of the agent to certain specific acts. A valid durable power of attorney can be a very useful document. Should someone be injured and unable to manage their affairs, their agent can assume the activities specified in the Durable Power of Attorney. Without a Durable Power of Attorney, a family member usually has to retain a lawyer and petition the Court for a guardianship. This process is expensive and it may be a while before a guardian is appointed by the Court. Even after appointment by the Court, the Guardian must request a hearing on different financial issues and get court approval before acting. This expense and time delay may not be in the best interest of the injured party and could have been avoided by executing a Durable Power of Appointment.
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Estate Planning Summary
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