![]() ![]() Planning for potential incapacitation: If you have any health conditions that might potentially render you unable to manage your finances or if you want to proactively prepare for unforeseen circumstances. It is particularly advisable to use a DPOA in the following scenarios: When to Use a Durable POAĪ Durable Power of Attorney form (DPOA) serves as a safety net, providing a legal solution to a range of situations where you may be unable to manage your financial affairs. Additional Co-Agents can be appointed by the Principal in a DPOA. The Agent : An Agent, also known as the Attorney in Fact, takes control of the Principal’s financial affairs. The Principal : The individual who is seeking to appoint a power of attorney. Who Are the Key Parties Involved in this Agreement Other Names for a Durable Power of Attorneyĭurable Power of Attorney, often shortened to DPOA, is also known as an Enduring Power of Attorney in some regions, or more descriptively, Power of Attorney with durable provisions.ĭespite the variations in naming, the essential purpose and function of this legal document-providing lasting appointed authority-remains consistent. If you desire to appoint an agent to take the reins of your financial management, particularly in case you are incapacitated or deemed legally incompetent.Įntrusting someone with a Durable Power of Attorney form ensures peace of mind, knowing that your financial interests will be safeguarded and competently managed during unforeseen circumstances. If you are legally declared incompetent, a situation that disqualifies you from managing your financial affairs. ![]() Should you become physically disabled or incapacitated, inhibiting your ability to personally manage your assets. This authority may be enacted under the following circumstances: A Durable Power of Attorney form (DPOA) is a legal instrument that enables an individual to designate a trusted person to manage their financial affairs should they become incapable of doing so themselves.
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