Durable power of attorney allows a person to choose someone else to make financial-related decisions on their behalf. The term “durable” refers to the form remaining in effect if the person delegating their power, the “principal”, becomes incapacitated. This determination may be made by a licensed physician. The form is required in most States to be signed in front of a notary public and/or witness(es).
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
What is Durable Power of Attorney?
Durable power of attorney is a designation that is given “just in case” something should happen to an individual. It leaves necessary financial powers to someone else so that, for example, the day-to-day activities of a business won’t be interrupted. The form is common with the elderly due to the increased chance of incapacitation.
The form only terminates if the principal cancels (with a revocation), a new durable power of attorney is created, or the death of the principal.
Durable Power of Attorney Examples
May be used for a wide range of responsibilities such as:
- Real Estate Management;
- Running a Business;
- State and Federal Taxes;
- Banking Transactions;
- Stocks and Retirement Accounts;
- Personal Property;
- Motor Vehicles; and
- Making Gifts (if applicable in the State).