What is a Durable Power of Attorney?
Attorney Eric Bialis discusses the distinction between durable and non-durable power of attorney, both financial and medical. For your convenience, the transcription for the video is included below.
What is a Durable Power of Attorney
“Hi, my name is Eric Bialas from Hynum Law. I’m here to talk to you today about Durable Power of Attorney. You might ask yourself, why do you need a Power of Attorney? Well, there’s many reasons that you might use that.
What is a Non-Durable Power or Attorney?
For example, a Non-Durable Power of Attorney: that would be a limited situation such as you’re selling your house, and you’re not able to attend there, and you give your wife, or other person that you trust, the ability to sign for you.
Durable Power of Attorney
But, I’m here to talk about Durable Power of Attorney, which is a long lasting Power of Attorney. A Durable Power of Attorney is important for life planning purposes. There’s two main types of Power of Attorneys; there’s a financial Durable Power of Attorney, and a medical Durable Power of Attorney.
Financial and Medical Durable Powers of Attorney
A financial Power of Attorney would handle, as it sounds, your financials. You could give one as general or as specific powers to handle bank accounts, to selling your stock, to manage your properties. An array of things as general or as limited as you like it to be. It can be tailored to your desires. A medical Power of Attorney would be to manage your healthcare decisions; to appoint a surrogate to make decisions for you should you become incapacitated.
Distinguishing Features of Durable and Non-Durable Powers of Attorney
One of the important distinctions between a Durable Power of Attorney and a Non-Durable Power of Attorney would be the fact that a Durable Power of Attorney lasts a disability or incapacity. So if you were to suffer some accident, or through age lose your faculties, a Durable Power of Attorney would give you the ability to choose your successor, your agent, to make decisions for you rather than having a court appoint a guardianship (which could take more time and cost more money).