Have you ever thought about what might happen if you suddenly couldn’t make important decisions? While it may not be a pleasant thought, the sad reality is that life can throw unexpected curveballs our way. Every day, ordinary people are injured in car accidents, receive life-changing medical diagnoses, and experience other tragedies that leave them incapacitated. If something like this happened to you, who would help?
This is where the concept of Durable Power of Attorney (POA) comes in. Since unfortunate circumstances can strike without warning, incapacitated victims have no choice but to let others decide. By using Durable POA, people can select a specific individual to take on this role in advance. This ensures that important decisions regarding their finances, assets, medical preferences, and other vital aspects of life will be handled according to their wishes. TrustHandled can help you create a durable power of attorney without making any mistakes.
While we may not be able to predict or prevent incapacitating events, we can take steps to mitigate the potential fallout. One such measure is establishing a Durable Power of Attorney. A Durable POA is a legal document allowing an individual (the principal) to appoint someone they trust (the agent) to make decisions on their behalf if they become incapacitated or unable to make decisions themselves.
A regular POA differs from a Durable POA in that it does not remain valid in the event of the principal’s incapacitation. This means that the agent’s power to act on the principal’s behalf immediately expires when, for instance, the principal goes into a coma or is placed under anesthesia.
On the other hand, when a power of attorney is “durable,” the document’s validity persists even if a principal is incapacitated. This allows the agent to continue acting on the principal’s behalf when they cannot decide for themselves. However, it’s important to note that all POAs, even Durable POAs, become null and void the moment the principal passes away.
While it’s common to assume the only people who need a Durable Power of Attorney are those already sick, injured, or elderly, tragic events can happen to anyone without reason or prejudice. This is why Durable POAs are essential legal documents that everyone should have in place, regardless of age or health status. To make sure that your financial, medical, and other life affairs are handled according to your wishes in the event of your incapacitation, creating a Durable POA offers a straightforward way to future-proof your life and the lives of your loved ones.
While it’s beneficial for everyone to have a Durable Power of Attorney, certain circumstances make this document even more crucial. If you’ve been diagnosed with a degenerative disease, such as Alzheimer’s disease, Parkinson’s disease, or Multiple Sclerosis, it’s especially prudent to plan for potential situations of future incapacitation. Also, getting a Durable POA is highly advisable if you have an upcoming medical procedure requiring anesthesia administration.
An agent designated in a Durable Power of Attorney can perform a wide range of duties and responsibilities on behalf of the principal. It’s essential to note that the scope of an agent’s authority is limited to what is specifically outlined in the Durable POA document. In other words, the principal can give the agent broad or narrow authority, depending on their needs and preferences. In general, the agent appointed in a Durable POA has a fiduciary duty to act in the principal’s best interests. Some of the specific actions an agent can take include:
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Becoming an agent for a loved one is a straightforward process as long as both parties have freely consented to the arrangement. This means that the only way for a Durable POA to be valid is for the principal to select and name their agent without any outside force, pressure, or coercion.
When a loved one becomes incapacitated, establishing a Power of Attorney may be too late. This is because the individual must have the capacity to understand the legal implications of granting someone else authority to act on their behalf. If someone becomes incapacitated without a POA, loved ones may need to pursue guardianship or conservatorship. This involves petitioning the court to grant them the legal authority to make decisions for the incapacitated person.
A Durable Power of Attorney is an important component of any comprehensive estate plan. It is a proactive step that can alleviate stress or uncertainty for the principal and their loved ones. By creating a Durable POA, you can have peace of mind knowing that your wishes will handle your affairs, even if you cannot make decisions for yourself.
Working with lawyers to manage your legal affairs can make a simple process unnecessarily time-consuming and expensive. Fortunately, there are automated tools that can assist in the process of drafting and managing your important legal documents, including Durable POAs. TrustHandled is an entirely online platform that provides all the necessary forms and step-by-step instructions to help you create and store your documents in one location.
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