Seven Great Powers of Durable Powers of Attorney for Property

What Is It?  A power of attorney is authority a “principal” gives to an agent (the “attorney in fact”) to act on the principal’s behalf.  Until recently, all authority of agents to act on behalf of their principals terminated when the principal became unable to understand decisions he or she might be making.  By now, all states have created a “durable” power of attorney, meaning that the authority someone has given someone else to act on his behalf is valid even after he becomes incapacitated.  A person “loses legal capacity” to act if mental deterioration or illness or physical disability renders her unable to fully handle her own affairs.  Even the authority conferred by a durable power of attorney ends at death.

Top Two Reasons to Have One. 

Top Reason #1:  Few of us are lucky enough to die of a sudden heart attack.  If you don't have a durable power of attorney and you become incapacitated, your relatives or other loved ones will have to ask a judge to name someone to manage your financial affairs (and to make medical decisions --- See “Durable Power of Attorney for Health Care – a “Must” Legal Document.)  Your loved ones must ask the court to rule that you cannot take care of your own affairs -- a public airing of a very private matter.  And if relatives fight over who is to be the conservator or guardian, the proceedings will surely become even more visible, sometimes downright nasty. All of this causes costs to mount up, especially if lawyers must be hired. 

Top Reason #2:  You are the boss who decides who will have control over your property – not some judge who doesn’t even know you.  You can talk with your agent/attorney in fact prior to becoming incapacitated and share with him/her your thoughts on various business matters and why you selected him/her.  This discussion can also serve to confirm that your selected agent is indeed willing to take on that responsibility.

Seven Great Powers Delegated by a Property Durable Power of Attorney

1. Paying Bills
2. Making Deposits
3. Filing tax returns
4. Making decisions on ordinary stuff (Car or Home repairs, Insurance Forms, Making Credit Card Purchases)
5. Making Investment Decisions
6. Unlocking Joint Property
7. Changing Title to Assets/Create and Fund Trusts

You’re Invited to Call or E-mail. 

“If you have questions about owning and operating a business, and the many financial

and liability risks that you face today, please send your e-mail to

[email protected] or call me at 618.639.0461.

I’ll be happy to help you in every way.” -- Jeff 

Jeffrey D. Roberts, Attorney at Law w CPA w Entrepreneur

300 Commerce, Jerseyville, IL 65052  tel. 618.639.0461  2410 State St., Alton, IL 62002 618.466.2782