Search
Search
Main News

What is the Difference Between a Durable and Non-Durable Power of Attorney?

Date:
By Fate Kersey
Facebook
Twitter
LinkedIn

What is the difference between a durable and nondurable power of attorney

A durable power of attorney is a legal document where you appoint someone to make financial decisions on your behalf. This is a very useful tool for life planning.

Unlike a non-durable power of attorney, a durable power of attorney lasts until you pass away or the order is revoked. This can help prevent the need for a costly and time-consuming probate court proceeding.

What is a durable power of attorney?

A durable power of attorney is a document that allows someone else to make legal and financial decisions on your behalf, even when you are unable to make those decisions yourself. The person who signs the durable power of attorney, called the “principal,” appoints someone else as an agent, who will act for the principal in accordance with the terms of the document.

Durable powers of attorney can be general or specific in scope, and can cover financial or health care matters. The type of durable power of attorney you get depends on the law in your state.

A durable power of attorney is an important estate planning tool to help ensure that you and your family will be able to handle your finances and other legal issues if you become incapacitated. It also can help you protect your property and ensure that your wishes are followed in the event of an illness or accident.

What is a non-durable power of attorney?

A non-durable power of attorney is a legal document that allows someone else (called an agent) to act on your behalf. This person can make decisions regarding your property, finances, and personal affairs.

It is important to choose an agent you trust and who has the ability to carry out your wishes. You should also be sure to name a backup agent in case your primary agent is not available.

Having durable powers of attorney in place will allow you to select someone who you can trust to help you when you can no longer make your own decisions. This will avoid the need for a guardianship or conservatorship, which can be expensive and time-consuming.

To create your durable power of attorney, you need reliable software that guides you through the process and provides support along the way. Nolo has a comprehensive suite of tools that can help you prepare a durable power of attorney, including customizable documents, a secure data vault and an up-to-date service.

How do I get a durable power of attorney?

A durable power of attorney is a legal document that names a person you trust as your agent. This agent has the power to manage your money, property and financial matters if you become incapacitated and unable to do so yourself.

The agent can make financial decisions for you, such as paying bills or making your mortgage payments on your behalf if you are deemed to be mentally incapacitated. They can also make health care decisions for you if your state law allows them to do so.

It is important to choose the right person to be your agent and attorney-in-fact. This individual should be someone you can trust, as they are essentially a member of your family and will have access to all of your financial information.

Durable powers of attorney are a good way to avoid the costly and time-consuming court-supervised process of guardianship or conservatorship if you become incapacitated. These documents are customarily included in an estate plan with other similar documents, such as a will and a living trust (if you want one). They name individuals to take control over your assets at certain times during your life, incapacity, and death.

How do I get a non-durable power of attorney?

A power of attorney is a legal document that lets you name someone else to act on your behalf in certain situations. This can be general or limited in scope, and it may include a range of matters such as health care, finances, and property management.

Durable powers of attorney are often part of comprehensive estate plans, as they help plan for medical emergencies or cognitive declines later in life. It also allows your family members to make financial decisions on your behalf, even if you become unable to do so.

Whether or not you decide to use a durable power of attorney, it is important to select a trustworthy person to act as agent under the document. The agent’s authority should be spelled out in great detail and the agent should be able to accept responsibility for any decision made under the document.

A non-durable power of attorney, on the other hand, automatically expires if you become mentally incapacitated or if you revoke it. To get a non-durable power of attorney, you need to draft a specific document and sign it in front of a lawyer.

Share with your friends on
Facebook
Twitter
LinkedIn
RELATED NEWS
Main News
Date:
When you’re struggling with financial problems, you may be asking yourself: “Do I need asset...
Main News
Date:
There are two different types of special needs trusts. Self-settled trusts are often used for...
Main News
Date:
A bloodline trust can be a great way to protect your children from your husband’s...
LATEST NEWS
Real Estate
Date:
The decision to need long-term care is often fraught with emotion. Often family members have...
Featured Articles
Date:
Probate is the process of determining inheritors, collecting estate assets, paying debts and filing taxes....
Featured ArticlesMain News
Date:
The estate administration process involves gathering, settling and distributing everything a deceased person owned. A...