What is a Durable Power of Attorney? When it comes to planning for the future, it’s crucial to be aware of the various types of Power of Attorney.
One type is the General Power of Attorney, which automatically terminates upon the principal’s death or mental incompetence. On the other hand, the Durable Power of Attorney, a key component of our Estate Plans, would remain in effect. Unlike the General Power of Attorney, the Durable version remains in effect even if the principal becomes mentally incapacitated. A Durable Power of Attorney only ceases upon the principal’s passing.
The critical distinction between the two lies in incapacity—the agent designated in a General Power of Attorney can legally handle the principal’s affairs until their death, mental incapacity, or inability to make informed decisions independently. However, with a Durable Power of Attorney, the agent can continue to act on behalf of the principal, even in cases of mental incompetence.
This feature is what makes the Durable Power of Attorney an excellent choice for trusted agents who can handle important decisions if you are no longer able. If you need a Power of Attorney prepared or have questions about existing legal instruments, reaching out to an Estate Planning Attorney can provide valuable guidance.
To take the first step towards securing your future or to seek clarifications on your existing plans, feel free to contact our firm, Hartsfield & Egbert, PLLC, at (405) 285-685, or visit our website to send a message to schedule a consultation. Our team of experienced professionals is here to assist you in making the best decisions for your unique circumstances.