What Does a Durable Power of Attorney (“DPOA”) Accomplish?
A durable power of attorney is a legal document that gives someone you choose (i.e., your agent) the power to perform in your place. A durable power of attorney simply means that the document stays in effect if you become incapacitated and unable to handle matters on your own.You can allow your agent named in the durable power of attorney to do as much or as little as you want. With a valid durable power of attorney, the trusted person you name will be legally permitted to take care of important matters for you. Generally, people allow far-reaching broad power over their finances and expect that their agent will keep accurate records and keep their own personal affairs separate, to avoid conflicts of interest. Some commonly assigned powers include:

Managing your real property.  Your agent named in your durable power of attorney administers property in the event of your incompetence.

Addressing your finances. A durable power of attorney can make many decisions and actions on your behalf including bank transactions, paying your bills, attending to tax matters, filling out insurance and benefits paperwork, utilizing your assets to cover your everyday expenses, collecting Social Security, Medicare and other federally issued benefits, investing your money, filing your taxes and managing your retirement accounts.

Dealing with third parties. Companies you do business with, such as your electricity provider and credit card companies will be hesitant to speak with anyone else besides you about your accounts, even if it’s someone to whom you’ve given legal power to act on your behalf. By providing a letter of attorney, your agent will be able to communicate with these companies without any question as to their authorization.

The above listed powers are just a few of the most common authorities given by people to their named Agent under a Durable Power of Attorney. While medical and financial powers of attorney can’t prevent accidents or keep you young, they can absolutely make life easier for you and your family if times get hard. Taking the time to make these documents is well worth the minimal effort it will take. If you have questions on how a Durable Power of Attorney could assist you contact an experienced estate-planning attorney.

Weldy Law, PLLC is available to help clients from all over West Texas work through important estate-planning issues. Weldy Law, PLLC welcomes the privilege to assist you with estate planning and probate matters.

The above blog is for informational purposes and is not intended to be legal advice.