How to Activate Durable Power of Attorney
Creating a power of attorney, also known as a POA, is necessary if you would like someone to act on your behalf in financial and legal matters. A POA allows someone else to act for you in certain situations, such as if you were to become mentally incompetent. If you want the POA to continue to act for you over a period of time, then you will need to create a durable power of attorney.
- Determine the reason you are setting up the durable power of attorney. Some POAs are limited in their scope. For example, if you entered into a real estate deal, you might create a POA so that one person in the group can act for everyone. The power of attorney would extend only over the matter at hand and not over any other matters.
- Choose who would be a good caretaker of your POA. Most people choose a relative or attorney, but the POAs can be anyone at all. Your POA holder should be trustworthy and competent. Have a frank conversation with them to explain exactly what you expect and want of them.
- Consult a lawyer about creating durable power of attorney papers. Explain the purpose and any limitations you are placing on it to the attorney. Once the papers have been created, you will need to have them signed and notarized to make them completely legal.
- Inform a number of third parties about the power of attorney situation. You should send them a copy of the notarized document. They can ensure any POA holder acts in your behalf when the time comes. Third parties may include doctors, banking institutions, relatives and any legal advisors.