Third parties accepting the document may rely that the decisions of the agent will be legally binding on the principal.
Durability
In some states, all powers of attorney are durable unless they contain a specified end date. In others, the document must state that the power survives the principal's legal incapacity to be durable.
Parties
The party creating the power is the principal, and the party receiving the power is the agent.
Property Function
An agent under a Durable Power of Attorney for property may use the document to manage the principal's financial accounts, businesses and real estate or file taxes.
Health Care Function
A Durable Power of Attorney for health care authorizes the agent to make decisions for the principal regarding medical treatment, life-sustaining measures, hospitalization and organ donation.
Legal Requirements
Specific legal requirements depend on the state of the principal's residence or property location. Generally, a durable power of attorney must be in writing, dated, signed by the principal, witnessed and acknowledged by a notary public.You Might Also Like :: How to Write an Enduring Power of Attorney
Tory Stearns
Tory has been writing for over 10 years and has built a strong following of readers who enjoy his unique perspective and engaging writing style. When he's not busy crafting blog posts, Tory enjoys spending time with his friends and family, traveling, and trying out new hobbies.
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