A power of attorney is a legal document which appoints an individual to be your lawful attorney which authorizes that individual to act on your behalf. The person appointing and executing a power of attorney is referred to as the “principal.” The individual appointed is referred to as the principal’s “attorney in fact.” A power of attorney may be effective immediately upon execution by the principal or it may be drafted to become effective should the principal later become disabled or incapacitated. A durable power of attorney is unaffected by the principal’s subsequent disability and therefore, is exercisable by the attorney in fact despite the principal’s subsequent disability or incapacity.
The power of attorney instrument outlines the powers held by the attorney in fact. The attorney in fact can be authorized to manage real property, conduct banking, and handle tax matters. Overall, a durable power of attorney is a document which helps plan for uncertainty so that, should one become disabled or incapacitated, a chosen individual may timely act on their behalf.
Please contact D’Ambrosio LLP with any questions concerning an appointment of an attorney in fact and how executing a power of attorney may benefit you and planning for uncertainty.
