A durable power of attorney (DPOA) is an estate planning tool which allows you to appoint a person, known as an agent (or attorney in fact), to manage your affairs. Typically, the DPOA is created to appoint an agent who can immediately step in to manage your affairs when you become unable to manage your affairs due to illness, incapacity or old age. Further, the DPOA usually makes it unnecessary to get a court to appoint a guardian to manage your affairs in case you become incapacitated. This is significant, because getting a court to appoint a guardian involves filing a lawsuit and can be expensive.
At Klatsky & Sciarrabone, our estate planning attorneys will listen to your concerns and needs, review your estate, and draft a DPOA which is best for you and your unique situation. Contact us online or at 732-741-3200 to schedule a consultation and learn more about how and why a POA can complement your estate plan.
What Constitutes a Durable Power of Attorney?
A DPOA is a document which grants legal authorization for one person, the agent, to act on behalf of another person, the principal. The DPOA is a common element of estate planning as it lets a person who is losing their ability to manage their own affairs to choose someone they trust to make decisions for them.
The two types of DPOAs typically used for estate planning purposes are described below.
1. General DPOA
A general DPOA takes effect immediately upon your signature unless the DPOA states otherwise and allows your agent to continue acting on your behalf even when you are incapacitated. A DPOA terminates only when you die or when the DPOA is revoked.
2. Springing DPOA
A springing DPOA takes effect when a certain event or medical condition occurs as specified in the springing DPOA and allows your agent to continue acting on your behalf even when you are incapacitated. A springing DPOA terminates only when you die or when the springing DPOA is revoked.
Contact Klatsky & Sciarrabone Today
Powers of attorney are useful tools to make sure your finances and other business or personal matters are properly managed while you are incapacitated or otherwise unable to oversee them yourself. You can speak to an attorney at Klatsky & Sciarrabone to discuss estate planning generally and durable powers of attorney as part of your estate plan specifically.
We always believe that our clients in New Jersey make better choices for themselves and their loved ones when they are well-informed and adequately prepared. Contact us directly at 732-741-3200 or online today to schedule a consultation.