The spelling of "durable power of attorney" can be confusing, especially with the pronunciation. The word "durable" is pronounced as /ˈdʊrəbəl/ and refers to something that can withstand wear and tear. Meanwhile, "power" is pronounced as /ˈpaʊər/ and signifies the authority to act on someone's behalf. Lastly, "attorney" is /əˈtɜːni/ which refers to a legal professional. Together, they form the important legal document that grants someone the right to make decisions for someone else, even if the latter becomes incapacitated.
A durable power of attorney is a legal document that grants authority to an individual, known as the agent or attorney-in-fact, to make decisions and act on behalf of another person, referred to as the principal, in various financial, legal, and healthcare matters. The term "durable" indicates that this power of attorney remains in effect even if the principal becomes incapacitated or mentally incompetent.
This legal instrument allows the agent to manage the principal's affairs and make decisions regarding property, finances, healthcare, and other important matters outlined in the document. The agent can handle tasks such as managing bank accounts, paying bills, filing taxes, selling or purchasing real estate, accessing safe deposit boxes, or making medical and healthcare decisions. The extent of authority granted to the agent can be specified in the durable power of attorney document, allowing the principal to define the scope of the agent's powers.
In most jurisdictions, a durable power of attorney requires the principal to sign the document in the presence of witnesses or have it notarized to make it legally valid. It is important to choose a trustworthy and reliable individual as an agent, as they are expected to act in the best interests of the principal and handle their affairs responsibly. A durable power of attorney can be revoked or amended by the principal as long as they are mentally competent to do so.