Durable Power of Attorney
A Durable Power of Attorney is a written document which allows a person to appoint someone to manage their financial affairs. What makes it “durable” is the fact that the power of attorney remains in effect even if the person loses mental capacity. A Durable Power of Attorney remains in effect until the principal’s death, unless it is revoked. A Durable Power of Attorney can become effective immediately upon it’s signing, or it can become effective only upon the incapacity of the principal (known as a “springing power”).
A Durable Power of Attorney is often a successful way to avoid the prospect of initiating a Conservatorship proceeding in Probate Court, should a person become incapacitated. A Durable Power of Attorney, however, can only be executed when the person has the mental capacity to do so, which is why it is important to address Estate Planning needs early in one’s lifetime. Otherwise, it could be too late to avail yourself, and your estate, of the benefits of a complete Estate Plan.
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Hirz Law Group | Attorneys at Law
75 East Santa Clara Street, Suite 275
San Jose, CA
Phone: (408) 294-4525
Fax: (408) 294-4732