Durable Power of Attorney
What is a Power of attorney
Power of attorney is a document created to enable a person to act on behalf of another person who makes the power of attorney. Power of attorney is a key element in a comprehensive Estate Plan.
Who is Principal
Principal is a person who makes or issues power of attorney to another person to act on his/her behalf.
Who is Attorney-In-Fact or Agent
Agent is a person on whose behalf a power is conferred to act for Principal. Agent is also known as Attorney-In-Fact.
Who can execute a power of attorney
A Principal who has mental capacity to contract may execute a power of attorney. The Principal should understand the nature and consequence of the document that he/she is executing.
What are the requirements for power of attorney document
A power of attorney needs to have date of its execution and properly signed. Also, it needs to be either acknowledged before a notary or singed by atleast two witnesses.
What is Durable Power of Attorney (DPA)
As the name says “durable” means it can be used for multiple or several times. A Power of Attorney needs to have specific statement in it for it be treated as a Durable Power of Attorney. Following example illustrates this concept:
Mr. Sam has a DPA for his Asset Management/Finances, The DPA specifically states that it is it not affected by subsequent incapacity of the principal. If Sam loses capacity, Sam’s agent can act on his behalf during his incapacity. If Sam regains his capacity, the DPA will be inactive and agent can no longer act on Sam’s behalf. Lets say, after 2 years, Sam loses his capacity again. The DPA will again enable Sam’s agent to act on his behalf. So, DPA is an effective tool that enables the agent to act on Principal’s behalf when a Principal becomes incapacitated more than once.
What else is included in Durable power of Attorney
Durable Power of Attorney generally also includes the nomination of conservator of the estate, not of the person. Nomination of the conservator of the person is generally included in the advance health care directive.
What are the typical powers given to an attorney-in-fact
A power of attorney gives an agent or attorney-in-fact power for the following class of transactions. The actual powers given to an attorney-in-fact can be customized according to the Principal’s needs and wishes.
When does a power of attorney terminate
Unless a specific termination date is mentioned in the power of attorney, an attorney-in-fact can exercise the powers granted to him/her in the power of attorney. Also, the death of the Principal terminates the power of attorney.
Can you amend a durable power of attorney
Yes. You can amend or change the durable power of attorney only by executing a new durable power of attorney or by executing an amendment. You have the right to revoke or terminate this durable power of attorney at any time, so long as you are competent.
Be Prepared
There are lot of uncertainties in life that can be mitigated through proper planning ahead. A person can be perfectly healthy today. A sudden change like a major health issue or an accident can shatter the lives and dreams of families. Having a Durable Power of Attorney in place can help in addressing some of those issues. San Jose Power of Attorney Lawyer Kamala at Kamala Law Corporation can help you in preparing your Durable Power of Attorney by nominating the trusted persons you chose to represent you if such a need arises.
We are Ready to Help you and just give us a call at 408-752-5436 to speak to San Jose Power of Attorney Lawyer Kamala.
Power of attorney is a document created to enable a person to act on behalf of another person who makes the power of attorney. Power of attorney is a key element in a comprehensive Estate Plan.
Who is Principal
Principal is a person who makes or issues power of attorney to another person to act on his/her behalf.
Who is Attorney-In-Fact or Agent
Agent is a person on whose behalf a power is conferred to act for Principal. Agent is also known as Attorney-In-Fact.
Who can execute a power of attorney
A Principal who has mental capacity to contract may execute a power of attorney. The Principal should understand the nature and consequence of the document that he/she is executing.
What are the requirements for power of attorney document
A power of attorney needs to have date of its execution and properly signed. Also, it needs to be either acknowledged before a notary or singed by atleast two witnesses.
What is Durable Power of Attorney (DPA)
As the name says “durable” means it can be used for multiple or several times. A Power of Attorney needs to have specific statement in it for it be treated as a Durable Power of Attorney. Following example illustrates this concept:
Mr. Sam has a DPA for his Asset Management/Finances, The DPA specifically states that it is it not affected by subsequent incapacity of the principal. If Sam loses capacity, Sam’s agent can act on his behalf during his incapacity. If Sam regains his capacity, the DPA will be inactive and agent can no longer act on Sam’s behalf. Lets say, after 2 years, Sam loses his capacity again. The DPA will again enable Sam’s agent to act on his behalf. So, DPA is an effective tool that enables the agent to act on Principal’s behalf when a Principal becomes incapacitated more than once.
What else is included in Durable power of Attorney
Durable Power of Attorney generally also includes the nomination of conservator of the estate, not of the person. Nomination of the conservator of the person is generally included in the advance health care directive.
What are the typical powers given to an attorney-in-fact
A power of attorney gives an agent or attorney-in-fact power for the following class of transactions. The actual powers given to an attorney-in-fact can be customized according to the Principal’s needs and wishes.
- Real and Personal Property.
- Securities
- Commodity Futures and Options
- Business Operations
- Insurance and Annuities
- Retirement Plans
- Estate, Trust, and Other Beneficiary Transactions
- Power to Create, Modify, and Revoke Trusts
- Claims and Litigation.
- Tax Matters
- Personal and Family Maintenance
When does a power of attorney terminate
Unless a specific termination date is mentioned in the power of attorney, an attorney-in-fact can exercise the powers granted to him/her in the power of attorney. Also, the death of the Principal terminates the power of attorney.
Can you amend a durable power of attorney
Yes. You can amend or change the durable power of attorney only by executing a new durable power of attorney or by executing an amendment. You have the right to revoke or terminate this durable power of attorney at any time, so long as you are competent.
Be Prepared
There are lot of uncertainties in life that can be mitigated through proper planning ahead. A person can be perfectly healthy today. A sudden change like a major health issue or an accident can shatter the lives and dreams of families. Having a Durable Power of Attorney in place can help in addressing some of those issues. San Jose Power of Attorney Lawyer Kamala at Kamala Law Corporation can help you in preparing your Durable Power of Attorney by nominating the trusted persons you chose to represent you if such a need arises.
We are Ready to Help you and just give us a call at 408-752-5436 to speak to San Jose Power of Attorney Lawyer Kamala.
San Jose Power of Attorney Lawyer Kamala helps families throughout Bay Area counties like Santa Clara, Alameda, Contra Costa: San Jose, Sunnyvale, Cupertino, Santa Clara, Milpitas, Fremont, Newark, Dublin, Pleasanton, San Ramon, Livermore, Mountain View.
