Durable Power of Attorney
Designating a reliable power of attorney (POA) is a critical component of any estate plan. By designating an agent as your POA, you are granting someone else to be the authority who acts on your behalf to carry out specific activities as underlined in official document.
A general POA differs from a Durable Power of Attorney (DPOA) in that the powers granted to the designated agent are only in effect so long as the individual signing the POA maintains the capacity and mental competence to continue to grant that authority. A DPOA authorizes the designated agent to continue to act, or assume the powers granted even after the person signing the DPOA is deemed to be incompetent or incapacitated.
A DPOA will allow the designated Agent to carry out your everyday affairs, including but not limited to:
- bank transactions, including deposits, withdrawals, or transfers
- bill management
- dealing with creditors
- property management
- arranging caregiving personnel
- account management
- applying for any insurance or government benefits that you may be entitled to
- business management
- filing tax returns
- executing documents necessary to qualify for Medicaid or other programs