Durable Power of Attorney
Durable Power of Attorney for Asset Management
This power of attorney is “durable” in that the persons to whom it is given can continue to fund your living trust even if you are disabled and unable to do so. Unlike a general power of attorney, your durable special power of attorney will survive your disability.
It is “special” in that it gives its holder only the right to put your property into your living trust and or control property not in the trust for your benefit. The holder cannot use this power of attorney for any other purpose.
Durable special power of attorney is often given to close family members and trusted advisors. This is done so that you can be assured that someone will be available on short notice to fund your trust in the event of a medical emergency.
Frequently Asked Durable Power of Attorney Questions
What’s the difference between a durable power of attorney and a general power of attorney?
A durable power of attorney is designed to remain valid when you become disabled or incapacitated, while a general power of attorney becomes invalid if you become disabled. This durability ensures your chosen representative can continue managing your assets and funding your living trust when you’re unable to do so. This is also referred to as a “Springing Power” power of attorney.
Can the person with durable power of attorney do anything they want with my assets?
No, this is a “special” power of attorney that limits their authority to two specific actions: putting your property into your living trust and controlling property not in the trust for your benefit, acting in your best interests. They cannot use this power for any other financial or legal purposes.
Who should I choose as my durable power of attorney?
Choose trusted close family members or professional advisors who can act quickly in case of medical emergencies. The ideal person should be readily available on short notice, trustworthy, and capable of handling financial matters related to your living trust. This will typically be the same person you would choose as your successor trustee of your trust.
When does a durable power of attorney take effect?
A durable power of attorney can take effect immediately upon signing and remains valid if you become disabled or incapacitated. The power vested in your agent becomes effective when there is a doctor’s certification that you are incapacitated. This ensures continuous management of your trust and assets even during medical emergencies or situations where you cannot act for yourself.
Integrity and Expertise at the Core of Our Legal Services
With decades of professional expertise, David R. Schneider, APC blends deep community ties with a wealth of experience. From running a successful business to excelling in the legal field with top grades and honors, David’s extensive knowledge ensures comprehensive and trusted legal support. His lifelong commitment to the Conejo Valley and its residents is your assurance of reliable and heartfelt service. Choose a legacy of excellence for your legal needs.