Benefits of a Durable Power of Attorney

When you sign a power of attorney (POA), you are empowering someone else to act on your behalf under specific circumstances. There are 3 basic types of power of attorney. One type is called a durable power of attorney, which lasts indefinitely. In most cases, a durable power of attorney (DPOA) is used to allow the designated person to handle affairs in a specific area of a person’s life, such as in financial or health matters if you become incapacitated.

Pros and Cons of a Durable Power of Attorney

Pros:

• Attorney fees to execute a DPOA are generally economical when compared to fees associated establishing a conservatorship for the estate.
• A DPOA lasts indefinitely.
• A Durable Power of Attorney is confidential, and the person’s reasons for assigning a DPOA do not have to be disclosed to outside parties.
• The principal can retain the right to revoke the DPOA.
• Court action is not required to execute a Durable Power of Attorney.

 

Cons:

• No court supervision is required to supervise a DPOA.
• The person given the Durable Power of Attorney does not have to report to anyone on their actions or reasons.
• Your assets and decisions covered in the DPOA are completely under someone else’s control.
• If you revoke a DPOA, you are responsible to notify affected 3rd parties that the person no longer is authorized to act on your behalf.

Have an Attorney Draft a Durable Power of Attorney

Creating a durable power of attorney protects you and your family if you can no longer handle your health or financial problems. An experienced power of attorney lawyer can explain your options and the ramifications of each type of POA, and advise you of the right powers to fit your needs.

A durable power of attorney is an important document to identify who you want to make your health and financial decisions if you become incapacitated in some way.  For more information about how custom powers of attorney could benefit your situation, contact Estate & Probate Legal Group in Illinois today at 630.800.0112.