DURABLE POWER OF ATTORNEY

DURABLE POWER OF ATTORNEY is the creation of a legal relationship where one person has the power to act in place of another person.  It is in effect until it is revoked or the Principal dies.  A durable Power of Attorney is very beneficial because it allows the Principal to act on your behalf to manage your assets, sign your personal income tax returns, deal with government agencies, transfer assets, make decisions and handle various other problems that may result from your incapacity.

-Principal is the person who is authorizing someone else to act on their behalf.

-Attorney-in-fact (also known as an Agent) is the person who is given the power to act on behalf of the Principal.  The attorney-in-fact can sign the Principal’s name and transact business on the Principal’s behalf.

-Durable, in this legal relationship, means that the Power of Attorney does not lapse and is not affected by the subsequent incapacitation of the Principal.  If the power of attorney is not a durable Power of Attorney, then it is automatically revoked if the Principal becomes incapacitated prior to death.

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