Understanding Durable Powers of Attorney

Most people have a general understanding of some of the most basic planning tools such as Wills, but in today’s blog post, we want to shine a light on a valuable tool that may be less familiar to you – the Durable Power of Attorney. If you have ever wondered what would happen to you if you were no longer mentally capable of making decisions about your health, finances, and other affairs, the Durable Power of Attorney holds a possible answer.

A “Power of Attorney” is a document that authorizes a trusted person to act on your behalf. There are medical powers of attorney, specifically for healthcare-related decision making. There are also general powers of attorney, which you can use to grant a trusted person decision-making power over your financial affairs, and limited powers of attorney, which allow you to pick and choose which specific powers you want to authorize.

What do I need to know before creating a Power of Attorney?

If you intend to create a Power of Attorney, whether it is durable or not, it will be helpful to understand some related vocabulary. The principal is the person who is authorizing someone else to act on his or her behalf. The person that they authorize can be called the agent or sometimes the attorney-in-fact.

It is important that the principal fully understand the powers they are granting to the agent. For this reason (and to ensure that the document is legally binding) powers of attorney should be created with the guidance of an experienced attorney.

What makes a Power of Attorney “durable”?

Regular powers of attorney become ineffective if you become mentally incapacitated. Durable powers of attorney, on the other hand, can continue to be used in the case of mental incapacity. 

How can a Durable Power of Attorney be ended or made ineffective?

If the principal decides that he or she no longer wants the Power of Attorney to be in place, he or she can revoke it. Powers of attorney and durable powers of attorney can also be created with expiration dates.

Who can help me create a durable power of attorney?

The Reyes Law Group team is here to help with durable powers of attorney and your other planning needs. Our years of experience have provided us with the knowledge necessary to help you make a plan that fits your unique needs. To learn more about our firm and the services we provide, please contact us today. Se Habla Espanol.

The following two tabs change content below.

Reyes Law Group

Reyes Law Group represents clients in a multi-disciplinary legal practice involving real estate transactions and litigation with a “footprint” that covers the State of Florida. Over the firm’s first 10 years, Reyes Law Group has closed over $100M in commercial closings, representing buyers and sellers in contract negotiations, due diligence, and the related title review and policy issuance related to closings. In litigation, the firm has commercial litigation experience focused on prosecuting or defending claims such as breach of contracts, partition actions, trade secret violations, and breach of non-competes. However, our firm’s MAIN FOCUS is assisting asset and loan portfolio managers, investors and private lenders with a “ 4-PILLAR APPROACH” to the legal challenges they face with non-performing assets: 1) LOAN WORKOUTS; 2) COMMERCIAL FORECLOSURES (across the State of Florida); 3) COMMERCIAL EVICTIONS; and 4) REO COMMERCIAL CLOSINGS.30+ years’ legal experience means - WE CAN HELP!

Latest posts by Reyes Law Group (see all)

%d bloggers like this: