A Power of Attorney usually terminates when the Principal is no longer to make decisions on his own or is incapacitated due to any reason, but a “Durable” power of attorney remains effective even if the principal is incapacitated. A Durable Power of Attorney must specifically have the words mentioned in the document stating that the powers granted remain intact even if the Principal is not capable of making his own decisions.
Some of the powers a Durable Power of Attorney may grant to an “attorney-in-fact” are
- Real property transactions
- Tangible personal property transactions
- Stock and bond transactions
- Commodity and option transactions
- Banking and other financial institution transactions
- Business operating transactions
- Insurance and annuity transactions
- Estate, trust, and other beneficiary transactions
- Claims and litigation
- Personal and family maintenance
- Retirement plan transactions
- Tax matters
When Should I use a Durable Power of Attorney Form?
- When you want to appoint someone to act and make decisions on your behalf, in situation such as
- when your not available to sign an important document and you want someone else to sign it for you.
- Incase if you become incapacitated. (You will have to make the Durable POA Form when you are of sound mind)
State Specific Durable Power of Attorney Form
Can a Durable POA revoked and when does the powers come to an end?
A Durable Power of attorney can be revoked or changed anytime by signing a Revocation of POA Form provided the principal is of sound mind and fully capable of making his own decisions. If the principal has not revoked the POA it remains active till the death of the Principal.
Blank Durable Power of Attorney
This is a Blank or Common Durable POA Form which can be used in all States, provided your state does not require you to have a specific durable power of attorney form which you may download from the table above. In General a Durable Power of Attorney form gives your attorney-in-fact authority to make decisions related to financial matters, real estate matters and personal property matters. It is advisable for you to have a trustworthy “agent” or “attorney-in-fact”.
How to Write
The very first thing you need to do is read the complete form and understand it well before you sign it. Take legal advice from your lawyer or attorney and your family members before you sign the document
Once you download the form, Enter the Details of the Principal such as the name, address and the date of birth.
Enter the details of the “attorney-in-fact” / “agent”.
Read all the powers the principal will be granting the appointed agent and then the principal will be required to sign in the specified area.
This has to be done in front of a Notary Public and a witness, the principal has to first acknowledge that the POA will remain active even if he is incapacitated or his disability to make his own decisions. Then write his name and the date along with his signature.
The witness then has to write his / her name, the date ,after which the witness has to sign the form once he/she acknowledges that the principal has signed this form on his own will and not under any influence.
The Notary Public in your state signs and seals the form and it becomes legal.