Using a Statutory Power of Attorney - Durable POA
A statutory power of attorney provides a broad range of duties that your attorney in fact will perform. Statutory power of attorney templates are available online or you can have an attorney draw one up. Because the templates cover a wide array of topics, you'll usually find it easy to customize the power of attorney form to meet your needs.
Durable vs. Non-Durable Power of Attorney Agreements
With a durable power of attorney, the agent you choose becomes the agent as soon as the form is signed. The power of attorney continues if you become mentally or physically unable to complete your typical duties.
A non-durable power of attorney takes place as soon as you sign the papers, but they terminate if you become incapacitated. If this happens, you would need a secondary power of attorney to take on your financial, legal and business duties.
Duties a Statutory Power of Attorney Handles
You can use a statutory power of attorney form to specify the duties you would want your attorney in fact to handle. Items you may want to consider include:
· 401k plans
· Banking duties
· Car sales
· Family budgeting
· Insurance policy changes
· Real estate transactions
· Retirement income
· Stock trades
· Trust fund distributions
FamilyCaregivers.com has an online form available through their website that is legal in most states and makes it easy to print and set up your statutory power of attorney. AARP is another great resource for finding statutory power of attorney examples.
Setting Up a Statutory Power of Attorney
When setting up a statutory power of attorney, make sure the person you are choosing is trustworthy. It pays to do a background check to make sure they do not have financial problems of their own. The last person you'd want accessing your bank account is someone who is in dire straits.
Always have a back-up statutory power of attorney agent listed. Then if your primary is unable to fulfill his duties, you have another person already set up. This prevents argument down the line.
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