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Durable Power of Attorney

    Want to draft a power of attorney that is still effective even if you’re mentally incompetent? You need a durable power of attorney. Although it’s helpful to seek help from an attorney, it’s easier and quicker to DIY one using our template. It is written by legal experts and covers everything you’ll need for durable POA creation.

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Durable Power of Attorney
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Durable Power of Attorney

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As one begins to advance in age and prepare for life as a senior, there are certain things that need to be put in place. One such thing is a durable power of attorney. But you might be thinking, why do I need one? Why should I consider handing over to someone the legal power to sign documents on my behalf? Here’s why!

Life can take unexpected turns and it is often better to be prepared for such unforeseen circumstances than be sorry in the end. This article highlights what a durable power of attorney is, its importance and when to use it.

What’s included in a durable power of attorney:

    • Details of executor
    • Details of agent
    • Purpose
    • Date of execution
    • Details of property
    • Notarized

What is Durable Power of Attorney?

Unlike other poa forms such as medical and general poas, durable power of attorney is one document individuals should have in place in the event that they become unable to take care of themselves at any point in their lives.

The durable power of attorney form gives another permission under the law to handle financially-related matters on the other’s behalf. It is typically used by seniors or individuals at risks of mental or physical incapacitation to protect their interests when they are unable to do so.

The one who hands over his/her legal rights to make certain decisions is called the ‘principal’ while the one he/she nominates is described as the ‘agent’, ‘proxy, or ‘attorney-in-fact’. It is recommended that this agent is a spouse, friend or relative of the principal to reduce the risk of exploitation. The agent should be somebody the principal trusts has his/her best interest at heart, preferably, someone in his/her will.

Get the power of attorney Arizona template now!

Need a power of attorney for Arizona? You can draft one with this easy and customizable template that covers revocation and caters the legal needs in Arizona.

Click the buttons below to access the template for free.

Durable POA vs General POA

There are several types of power of attorney. However, in legal practice, the two main types of power of attorney are the durable power of attorney (dpoa) and general power of attorney (gpoa).

The difference between both types generally depends on how much power the principal is willing to grant the agent. They can also be distinguished based on three subheadings – date of effectiveness, function and termination.

When it becomes effective:

A general power of attorney becomes effective immediately upon the signing of the principal and agent according to the provisions of the law, or in some cases, at a later date as specified on the gpoa form. Though there are certain cases where a durable power of attorney becomes effective immediately, more often than not, it becomes effective upon incapacitation of the principal.

Function:

A general power of attorney gives another individual the legal permission to act on the principal’s behalf in nearly all situations including business engagements, estate properties and health. On the other hand, a durable power of attorney may be general or limited to specific issues, say finances. They are usually more specific in nature.

Termination:

The general power of attorney terminates from when the guarantor becomes incapacitated mentally or physically. The principal also has the rights to put an end to his/her agent’s power of attorney at any time deemed fit. Durable power of attorney however extends beyond the period the principal is incapacitated. An individual with a durable power of attorney is allowed to act on behalf of the principal after he/she becomes incapacitant.

Though ‘durable’, a durable power of attorney can become invalid in some situations. One such is when the agent is the principal’s spouse and both parties become divorced.

Certain states and countries consider all power of attorney durable except stated otherwise in the power of attorney form.

When And How to Use A Durable Power of Attorney Form

It is necessary to use a durable power of attorney form when the principal:

  • Works in a hazardous work-environment
  • Has a business or property that needs to be managed when he/she is out of town
  • Wants to enforce certain rules in his/her businesses when he/she no longer has the mental or physical capacity to enforce them.
  • Is fast approaching old age and needs someone to make decisions in his/her name.
  • Travels often
  • Has been diagnosed with a serious illness.

It is possible to download a durable power of attorney online form template online and fill for personal use.

Having downloaded the blank durable power of attorney form, here’s what you should do.

  • Select the financial powers: In this field, it is expected that the principals fill in who to be granted the legal or financial powers when they lose consciousness. We recommend picking your next of kin or someone on your will.
  • Tick the effective immediately or upon disability boxes: The principal is then required to tick a box to reflect whether or not the durable power of attorney becomes upon signing or after his/her incapacitation.
  • Thereafter, the principal should head over to read the signing requirements of the state and sign accordingly.
  • Store the form.

 

Why Is A Durable Power of Attorney Form Important?

A durable power of attorney form spares individuals complications that could arise should they become incapacitated or too old to take care of their own affairs, complications in the sense that if there is no power of attorney, the family of the principal would have to go through different court proceedings for the court to nominate someone in the capacity of an agent.

Getting a durable power of attorney these days is quite easy. There are lots of free durable power of attorney forms available for download online, one can get for his/her personal use.

Here are some of the reasons why one should consider getting a general durable power of attorney forms:

Gives you power ahead of a court to decide who makes decisions for you:

Without a power of attorney in place, a conservatorship will need to be established if and when the principal become incapacitated. On the other hand, filling a free durable power of attorney pdf or form gives you the authority to choose who represents you during this period.

Prevents confusion over the intent of the principal:

Without a filled, signed and notarized power of attorney, there is a tendency for family members to battle themselves on what they consider the principal’s wish. However, once written down, a durable power of attorney states the principal’s wishes in clear, concise terms.

Affords everyone peace of mind:

It gives family members peace of mind in the event that the principal no longer has the physical or mental strength to take certain actions. Rather than make way to court to acquire permission for basic tasks like arranging home services, an attorney can represent the principal in authorizing these tasks.

Get the power of attorney Arizona template now!

Need a power of attorney for Arizona? You can draft one with this easy and customizable template that covers revocation and caters the legal needs in Arizona.

Click the buttons below to access the template for free.

Frequently Asked Questions (FAQ)

  • When does the power of attorney begin or end?

    The legal permission to act on behalf of the principal takes effect from the day the form becomes legally executed. In some cases, the power of attorney doesn’t become effective till a particular date or till the principal become incompetent. In this case, it is referred to as a springing power of attorney.

    The durable power of attorney remains valid after the date specified in the document or before when the principal chooses to revoke it. If not explicitly stated when the rights should be revoked, the dpoa remains valid till the principal’s death.

  • Can I fire my agent?

    Yes, you can. Principals are allowed to dismiss their agents at any point in time they feel the agent is doing them a disservice or whenever they feel they no longer require the agent’s service. But before doing so, it is recommended the principal serves the agent a notice of revocation. The principal is also required to inform all organizations that have become acquainted with their general durable power of attorney of their intentions of dismissing their agent.

  • Do I still have a say in my affairs?

    Yes, you do, so far you are still mentally capable of handling your issues. If principals are still mentally capable, they have the rights and ability to set a particular date from which the dpoa becomes effective and revoke this power when they deem fit.

  • Can I use a durable power of attorney pdf or form?

    Yes, you can. There are many durable power of attorney forms online one can use. However, they should be used in accordance with the advice of an attorney. This is because the attorney has a more in-depth understanding of the form’s content, its use and limitations.

If drafted and filled properly, a durable power of attorney is the cheapest form of insurance anyone can get. If you do not know how to draft one, do not fret. Cocosign has numerous power of attorney form templates you can use. This includes general forms and more specific ones, durable and non-durable templates.

DOCUMENT PREVIEW

DURABLE FINANCIAL POWER OF ATTORNEY

 

 

 

On the ___ day of __________________, 20____ I, __________________, the principal, of __________________, State of __________________, hereby designate __________________, of __________________, State of __________________, my attorney-in-fact (hereinafter my “attorney-in-fact”), to act as initialed below, in my name, in my stead and for my benefit, hereby revoking any and all financial powers of attorney I may have executed in the past.

 

 

EFFECTIVE DATE

 

(Choose the applicable paragraph by placing your initials in the preceding space)

 

________ - A. I grant my attorney-in-fact the powers set forth herein immediately upon the execution of this document. These powers shall not be affected by any subsequent disability or incapacity I may experience in the future.

 

or

 

________ - B. I grant my attorney-in-fact the powers set forth herein only when it has been determined in writing, by my attending physician, that I am unable to properly handle my financial affairs.

 

 

POWERS OF ATTORNEY-IN-FACT

 

My attorney-in-fact shall exercise powers in my best interests and for my welfare, as a fiduciary. My attorney-in-fact shall have the following powers:

 

(Choose the applicable power(s) by placing your initials in the preceding space)

 

________ BANKING - To receive and deposit funds in any financial institution, and to withdraw funds by check or otherwise to pay for goods, services, and any other personal and business expenses for my benefit.  If necessary to effect my attorney-in-fact’s powers, my attorney-in-fact is authorized to execute any document required to be signed by such banking institution.

 

________ SAFE DEPOSIT BOX - To have access at any time or times to any safe-deposit box rented by me or to which I may have access, wheresoever located, including drilling, if necessary, and to remove all or any part of the contents thereof, and to surrender or relinquish said safe-deposit box; and any institution in which any such safe-deposit box may be located shall not incur any liability to me or my estate as a result of permitting my attorney-in-fact to exercise this power.

 

_________ LENDING OR BORROWING - To make loans in my name; to borrow money in my name, individually or jointly with others; to give promissory notes or other obligations therefor; and to deposit or mortgage as collateral or for security for the payment thereof any or all of my securities, real estate, personal property, or other property of whatever nature and wherever situated, held by me personally or in trust for my benefit.

 

________ GOVERNMENT BENEFITS - To apply for and receive any government benefits for which I may be eligible or become eligible, including but not limited to, Social Security, Medicare and Medicaid.

 

________ RETIREMENT PLAN - To contribute to, select payment option of, roll-over, and receive benefits of any retirement plan or IRA I may own, except my attorney-in-fact shall not have power to change the beneficiary of any of my retirement plans or IRAs.

 

________ TAXES - To complete and sign any local, state and federal tax returns on my behalf, pay any taxes and assessments due and receive credits and refunds owed to me and to sign any tax agency documents necessary to effectuate these powers.

 

________ INSURANCE - To purchase, pay premiums and make claims on life, health, automobile and homeowners' insurance on my behalf, except my attorney-in-fact shall not have the power to cash in or change the beneficiary of any life insurance policy.

 

________ REAL ESTATE - To acquire, purchase, exchange, lease, grant options to sell, and sell and convey real property, or any interests therein, on such terms and conditions, including credit arrangements, as my attorney-in-fact shall deem proper; to execute, acknowledge and deliver, under seal or otherwise, any and all assignments, transfers, deeds, papers, documents or instruments which my attorney-in-fact shall deem necessary in connection therewith.

 

________ PERSONAL PROPERTY - To acquire, purchase, exchange, lease, grant options to sell, and sell and convey personal property, or any interests therein, on such terms and conditions, including credit arrangements, as my attorney-in-fact shall deem proper; to execute, acknowledge and deliver, under seal or otherwise, any and all assignments, transfers, titles, papers, documents or instruments which my attorney-in-fact shall deem necessary in connection therewith; to purchase, sell or otherwise dispose of, assign, transfer and convey shares of stock, bonds, securities and other personal property now or hereafter belonging to me, whether standing in my name or otherwise, and wherever situated.

 

_________ POWER TO MANAGE PROPERTY- To maintain, repair, improve, invest, manage, insure, rent, lease, encumber, and in any manner deal with any real or personal property, tangible or intangible, or any interests therein, that I now own or may hereafter acquire, in my name and for my benefit, upon such terms and conditions as my attorney-in-fact shall deem proper.

 

_________ GIFTS -  To make gifts, grants, or other transfers (including the forgiveness of indebtedness and the completion of any charitable pledges I may have made) without consideration, either outright or in trust to such person(s) (including my attorney-in-fact hereunder) or organizations as my attorney-in-fact shall select, including, without limitation, the following actions: (a) transfer by gift in advancement of a bequest or devise to beneficiaries under my will or in the absence of a will to my spouse and descendants in whatever degree; and (b) release of any life interest, or waiver, renunciation, disclaimer, or declination of any gift to me by will, deed, or trust

 

________ LEGAL ADVICE AND PROCEEDINGS - To obtain and pay for legal advice, to initiate or defend legal and administrative proceedings on my behalf, including actions against third parties who refuse, without cause, to honor this instrument.

 

SPECIAL INSTRUCTIONS: On the following lines are any special instructions limiting or extending the powers I give to my attorney-in-fact (Write “None” if no additional instructions are given):

________________________________________________________________

________________________________________________________________

________________________________________________________________

________________________________________________________________

 

AUTHORITY OF ATTORNEY-IN-FACT: Any party dealing with my attorney-in-fact hereunder may rely absolutely on the authority granted herein and need not look to the application of any proceeds nor the authority of my attorney-in-fact as to any action taken hereunder. In this regard, no person who may in good faith act in reliance upon the representations of my attorney-in-fact or the authority granted hereunder shall incur any liability to me or my estate as a result of such act. I hereby ratify and confirm whatever my attorney-in-fact shall lawfully do under this instrument.  My attorney-in-fact is authorized as he or she deems necessary to bring an action in court so that this instrument shall be given the full power and effect that I intend on by executing it.

 

LIABILITY OF ATTORNEY-IN-FACT: My attorney-in-fact shall not incur any liability to me under this power except for a breach of fiduciary duty.

 

REIMBURSEMENT OF ATTORNEY-IN-FACT: My attorney-in-fact is entitled to reimbursement for reasonable expenses incurred in exercising powers hereunder, and to reasonable compensation for services provided as attorney-in-fact.

 

AMENDMENT AND REVOCATION: I can amend or revoke this power of attorney through a writing delivered to my attorney-in-fact. Any amendment or revocation is ineffective as to a third party until such third party has notice of such revocation or amendment.

 

STATE LAW: This Power of Attorney is governed by the laws of the State of ______________________.

 

PHOTOCOPIES: Photocopies of this document can be relied upon as though they were originals.

 

 

IN WITNESS WHEREOF, I have on this ____ day of __________________, 20____, executed this Financial Power of Attorney.

      

__________________________________

Principal’s Signature

 

We, the witnesses, each do hereby declare in the presence of the principal that the principal signed and executed this instrument in the presence of each of us, that the principal signed it willingly, that each of us hereby signs this Power of Attorney as witness at the request of the principal and in the principal’s presence, and that, to the best of our knowledge, the principal is eighteen years of age or over, of sound mind, and under no constraint or undue influence.

 

________________________________________

Witness’s Signature     

 

________________________________________

Address

      

_________________________________________   

Witness’s Signature    

 

________________________________________

Address    

 

STATE OF __________________

 

__________________ County, ss.

 

 

 On this ____ day of __________________, 20____, before me appeared ____________________, as Principal of this Power of Attorney who proved to me through government issued photo identification to be the above-named person, in my presence executed foregoing instrument and acknowledged that (s)he executed the same as his/her free act and deed.

      ____________________

      Notary Public 

      

My commission expires: ___________

 

 

 

SPECIMEN SIGNATURE AND ACCEPTANCE OF APPOINTMENT

 

I, ____________________, the attorney-in-fact named above, hereby accept

appointment as attorney-in-fact in accordance with the foregoing instrument.

    

 

 

 

______________________________

       

Attorney-in-Fact’s Signature

 

 

 

STATE OF __________________

 

__________________ County, ss.

    

 

On this ____ day of __________________, 20____, before me appeared ____________________, as Attorney-in-Fact of this Power of Attorney who proved to me through government issued photo identification to be the above-named person, in my presence executed the foregoing acceptance of appointment and acknowledged that (s)he executed the same as his/her free act and deed.

      

 

____________________

      Notary Public 

      

My commission expires: ___________

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