What is Meant by a Durable Power of Attorney?

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Planning for your future is not just about getting your affairs in order when you are in good health, but also when you become mentally disabled. You should make plans regarding who should have the power to make financial and medical decisions if you become incapacitated. This is where a power of attorney comes into play.

Assigning a power of attorney will ensure that your affairs are handled by a competent person in the event you are not able to manage on your own due to old age or infirmity.

A lot of people get confused about the term ‘durable’ power of attorney. What makes a power of attorney durable? What are the benefits? Who can you assign as a durable power of attorney? You will know the answers to these questions in this article.

About a Durable Power of Attorney

A power of attorney is established for a limited period. Generally, it comes to an end in the following situations.

  • If you become mentally disabled
  • When you revoke the power of attorney
  • In case it has an expiration date
  • When you pass away

A durable power of attorney is different in that it allows it to continue even after you become mentally disabled. Being mentally disabled means that a person is not able to make financial or medical decisions. A person can become disabled due to dotage or an injury. Also, the condition can be temporary or permanent.

What are the Benefits of Assigning a Durable Power of Attorney?

Assigning a durable power of attorney can help safeguard your assets when you become mentally disabled. This is particularly important when you are in a nursing home.

If you do not take steps to protect your assets before becoming incapacitated in a nursing home, your assets can be utilized for payment of nursing home charges. By assigning a durable power of attorney, you can ensure that your assets remain protected.

So, who can you assign as a durable power of attorney?

By law, you can assign anyone over the age of 18 to act as your power of attorney. However, it’s best that you designate an attorney-in-fact as your durable power of attorney. An attorney-in-fact refers to a qualified attorney who can be authorized to take actions on your behalf.

Assigning attorney-in-fact as your durable power of attorney can ensure that your assets are safeguarded in case you become mentally disabled. Knowing in advance that your assets will be taken care of by a competent attorney will provide you a peace of mind, and offer comfort to your families that your assets will be protected.

If you want more information about a durable power of attorney, you can contact on of our Chicago estate attorneys by submitting a contact form today. We can help you in making an informed decision regarding all types of estate planning. Contact us today for a free initial consultation by dialing 312-313-7018.