A Durable Power of Attorney is a document that is designed to allow you to appoint someone else to act on your behalf, if you become incapacitated. You may need to do this if you have been injured or diagnosed with a serious illness. If you are unable to make decisions about your own affairs, then you should consider appointing a person who knows you well and trusts them to look after your interests.
You can give this document to anyone you trust and ask them to sign it in front of witnesses. Your attorney-in-fact will be able to manage any financial matters, including paying bills, making purchases, selling assets, and managing your investments. They will also be able to make medical decisions on your behalf. You can get this type of a power of attorney form free online in a template form, to be downloaded and customized as needed.
Who Can You Appoint With a Durable Power of Attorney?
The following people can serve as your attorney-in-fact:
- A close relative (spouse, adult child, parent, grandparent)
- An adult friend or neighbor
- A lawyer, accountant, or business professional
- A doctor, nurse practitioner, physician assistant, or pharmacist
- A social worker or counselor
- A member of the clergy
- Some other individual whom you trust
If you want to change the person who serves as your attorney-in fact, you must execute a new durable power of attorney.
Why Do You Need a Durable Power of Attorney For Your Finances?
If you have a chronic condition like cancer, Alzheimer’s disease, or Parkinson’s disease, you may not always be able to make financial decisions on your own. If you lose control over your finances, your family members could end up having to pay bills and manage your money. You would not want that to happen!
How to get started with a durable power of attorney document, in case you are sick? The first step is to talk to your doctor about getting a medical directive. Your doctor can help you understand how a durable power of attorney works in the medical domain.
Once you have completed the medical directive, you should consider talking to a lawyer about drafting a durable power of attorney and get you some tips on how to create one. A lawyer can explain the legal requirements for a durable power of attorney and help you draft a document that meets those requirements. You may also download a Durable POA template and customize it for yourself.
With a durable power of attorney form, you can let your attorney-in-fact know what type of care you want if you become unable to communicate your own wishes. It is a legal document that gives someone else the authority to take decisions about your finances if you become incapacitated. A DPOA is different from a medical directive, which only covers medical issues. It also differs from a living will.
You can use a durable power of attorneys to take financial decisions for yourself. Keep in mind that a durable power of attorney is designed to protect your assets and provide for your loved ones even if you get incapacitated.