Power of Attorney

A Durable Power of Attorney is created so that you can name a person to take care of your financial affairs in the event you cannot speak for yourself. The agent you name in your Durable Power of Attorney can only step in after meeting certain requirements, as stated in the document. The agent is given the discretion to act on your behalf, and if the agent accepts, is obligated to act in your best interest. The agent is given the authority to to pay bills, buy or sell property, and open or close accounts. Your agent should be someone you trust to keep your best interests in mind, and someone who can be responsible with your estate while you make a recovery.

In many cases the spouse of the principal (you) is named as an immediate power of attorney (with immediate power). Any other agent only has springing authority, meaning that the agent’s power goes into effect when either the spouse cannot act or the principal cannot speak for him or herself. Additionally, a common misconception is that agency extends to your estate, but the agency relationship ends when an individual passes, and the will controls any assets not held in trust or already disposed of.