1. The first thing to know about a durable power of attorney (POA) is that EVERYONE should have one.
2. A POA authorizes another person or persons (your agent or agents) to act on your behalf and take care of your financial and business matters.
3. A POA may be very broad allowing your agent to do anything you can do as if you were acting on your own behalf or, alternatively, can be limited in scope, such as authority only to sell your automobile.
4. A POA can go into effect immediately upon the signing of the POA before a notary public, or can be limited in the time it is effective (for example, for only 30 days).
5. Another alternative for the effective date of a POA is that a POA may only go into effect when the person granting the POA becomes incapacitated or incompetent.
6. A POA can be revoked by the person granting the POA at any time as long as that person is competent to revoke the POA.
7. A POA may avoid the necessity of a person applying for guardianship over you through the Probate Court.
8. A POA becomes invalid upon the death of the person granting the POA.
Need advice about a durable power of attorney? The attorneys at Bailey & Gunderson, with offices in Norwood, Western Hills and Anderson Township, can help. If you should have any questions, please call us at 513-631-0022.
