Powers of Attorney
Durable Powers of Attorney are powerful documents that allow for designated persons to manage your financial affairs. A Durable Powers of Attorney grants an Agent that you choose the power to buy and sell real estate, open and close bank accounts and sign tax returns on your behalf.
These documents are often utilized when one individual is unable to execute documents that require the signature of two, be it spouses, business partners or other parties. The Power of Attorney can be limited to various transactions including specific assets. The Power of Attorney can take effect immediately or only upon a triggering event such as mental or physical disability.
Some Powers of Attorney end upon disability or incapacity and others can survive a disability or be triggered upon such an event. Your Power of Attorney should be renewed every 3-5 years so that it does not become “stale”.
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