What is a Durable Power of Attorney document?
The difference between a durable power of attorney (‘DPOA’) and a “non-durable” power of attorney (‘POA’) document is fairly simple. If the POA is durable, it means that it will continue being effective in the event you become incapacitated. A “nondurable,” powers of attorney usually ends in the event the principal person significantly loses their mental capacity.
While both situations involve making decisions on behalf of an individual, Guardianships are an entirely different matter than Power of Attorney. Guardianships involve court intervention and supervision, unlike most POA situations. Please consult the relevant statutes and your estate planning attorney to explore these differences further.
How Long Does the Power of Attorney Last?
POA authority may be revoked, anytime, at the pleasure the principal person who originally authorized it. This must be done in writing and delivered to your POA. Your writing revocation should be a statement that the POA is no longer in effect and should be signed, witnessed, and dated. You should retain the original, and deliver a copy to the designated POA.
In addition, POA authority ceases at the time of death of the principal person who originally authorized it. Many people mistakenly assume they may keep operating under the authorization after the principal person dies. This is incorrect. Once the person passes, different (probate) authority must be obtained in order to continue making financial decisions related to the estate. We, at The Whipple Law Group, are happy to assist you in answering questions regarding POA, Probate and Guardianship, in addition to estate planning.
