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A "durable" power of attorney (DPA) is a very powerful document that allows the
person you choose, (attorney in fact or agent,) to make property, financial, and
other legal decisions for you.
If someone does not have a DPA and something happens to them to render them
unable to care for themselves, a court will most likely appoint a conservator to
act on your behalf. This is less than desirable due to the expense and time
of dealing with the legal system. |
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For estate planning purposes, most people
use a "springing durable" power of attorney.
This form of DPA only takes affect after
certain conditions you specify are met, i.e.
you are deemed incompetent in writing by
two physicians. This gives you the power to
delegate your financial and legal
responsibilities to another when and if you
are unable to make decisions for yourself.
Furthermore, there is no guarantee that
that court will appoint someone who you
would wish to handle your affairs.
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There is also an immediate form of "durable"
power of attorney, which goes into affect
instantly. This is a useful tool if an
unforeseen event has made it impossible for
you to care for your financial or legal
matters. |
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