What Role does the Durable Power of Attorney Play?
What Is a Power of Attorney?
The “power of attorney” is a legal document. It gives another person the ability to act as your representative. For example, a general power of attorney would allow another person to run your business, manage your investments or buy and sell property. This document has an expiration date and ends in the event of your death.
What Is a Durable Power of Attorney?
A durable power of attorney is a power of attorney that remains in effect even after you have been declared to be incapacitated. For example, if you are unconscious, the person to whom you granted durable power of attorney will be able to continue acting on your behalf.
Can a Durable Power of Attorney Be Revoked?
You are within your rights to revoke a durable power of attorney at any time, but you must be competent to do so. Your attorney can do this by drawing up an official statement of revocation that you will need to give to your agent. The person you choose to be your agent must be someone you trust implicitly because you will need to give this person access to your financial and legal documents. So, it is imperative that this person is a responsible and organized individual.
What Do I Do if I Choose My Spouse to Be My Agent and We Get a Divorce?
So long as your Power of Attorney is properly drafted, the power of attorney will terminate after you file for divorce. Then, you will be able to select someone else to take on this responsibility and will need to prepare a new Power of Attorney in which to name the newly selected individual.
If you need to begin Anaheim estate planning, contact us at the Katje Law Group. A power of attorney is a necessary part of your advance healthcare planning, so an Anaheim estate planning attorney at our office will be happy to draw this document up for you. By nature, it will be a durable power of attorney. Contact us today.