Sunday, October 18, 2009

Durable Power of Attorney

A durable power of attorney is a legal form that a competent adult can use to appoint another competent adult to act on their behalf. A durable power of attorney is different than a general power of attorney because it survives the principal's (person who made the durable power of attorney) future legal incapacity.

All written agreements made by the agent (person in charge of acting on the principal's behalf) on behalf of the principal are legally binding and must be upheld by the principal. A durable power of attorney must be in writing, dated, signed by the principal, witnessed, and notarized.

A durable power of attorney can be used to help the principal manage property, pay bills, handle financial accounts, manage a business, buy property, and sell property on behalf of the principal. This would come in handy if you find your self unable to handle these transactions yourself at the moment. You could just give your agent a call and have them handle business for you.