Durable (Financial) Power of Attorney Forms
A durable power of attorney (DPOA) form permits an individual ("principal") to appoint another person ("agent") to manage their financial matters during their lifetime. The term "durable" indicates that the form remains effective even if the principal becomes incapacitated.
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How to Get a Durable Power of Attorney
1. Download the Statutory Document
Acquire the statutory document required by the state where the principal lives. If uncertain, refer to the jurisdiction listed on the principal’s driver’s license.
2. Determine Financial Authorities
The principal needs to specify which financial authorities the agent will possess. Typically, all powers are granted to the agent.
3. Decide on Activation Timing
The principal must choose whether the form becomes effective immediately or upon the principal’s incapacity (springing).
Incapacity is defined by state law and usually assessed by a licensed doctor.
4. Execute the Document
A durable power of attorney must be signed according to the legal requirements of the principal’s state of residence.
5. Safeguard the Document
Once legally executed, the principal should store it securely, with multiple individuals aware of its location. It’s advisable for the principal, the agent, and the principal’s attorney to each have a signed copy.
The Significance of POA
