How to Obtain a Durable Power of Attorney
In life, unforeseen circumstances can arise at any moment, making it crucial to have a plan in place to ensure that your affairs are managed effectively in your absence. One such tool is the durable power of attorney (DPOA), which allows you to appoint someone to make financial and legal decisions on your behalf. Obtaining a DPOA is a straightforward process that involves several steps. This article will guide you through the process of how to obtain a durable power of attorney.
1. Understand the Purpose of a Durable Power of Attorney
Before obtaining a DPOA, it is essential to understand its purpose. A DPOA is a legal document that grants a designated person, known as the attorney-in-fact, the authority to make decisions on your behalf when you are unable to do so. This can be due to incapacity, illness, or any other reason that prevents you from making decisions for yourself.
2. Choose the Right Person
The first step in obtaining a DPOA is to select the right person to act as your attorney-in-fact. This person should be someone you trust implicitly and who is capable of handling your financial and legal matters responsibly. Consider the following factors when choosing an attorney-in-fact:
– Their reliability and ability to handle financial matters
– Their understanding of your values and preferences
– Their willingness to take on the responsibility
3. Consult with a Lawyer
While it is possible to create a DPOA on your own, consulting with a lawyer is advisable to ensure that your document is legally sound and meets all the necessary requirements. A lawyer can also help you understand the implications of granting power of attorney and guide you through the process.
4. Draft the Durable Power of Attorney
Once you have chosen an attorney-in-fact and consulted with a lawyer, the next step is to draft the DPOA. The document should include the following information:
– Your full legal name and address
– The full legal name and address of the attorney-in-fact
– The scope of authority granted to the attorney-in-fact, including financial, legal, and medical decisions
– Any limitations or conditions you wish to impose on the attorney-in-fact
5. Sign and Notarize the Document
After drafting the DPOA, both you and your attorney-in-fact must sign the document in the presence of a notary public. The notary’s role is to witness the signatures and ensure that the document is properly executed. In some cases, additional witnesses may be required.
6. Store the DPOA Safely
Once the DPOA is signed and notarized, it should be stored in a safe and accessible place. Make sure that your attorney-in-fact knows where to find the document in case it is needed. It is also advisable to keep a copy of the DPOA with your lawyer or in a secure online storage service.
In conclusion, obtaining a durable power of attorney is a crucial step in ensuring that your affairs are managed effectively in your absence. By following these steps, you can create a legally binding document that grants the person you trust the authority to make decisions on your behalf.
