When it comes to managing your financial assets, it is important to make sure you have a General Durable Power of Attorney. This important legal document will determine who has the authority to manage your assets in the event that you become incapacitated. The General Durable Power of Attorney can be drafted to be in effect as soon as it is signed or only if you become disabled.
People tend to have many misconceptions about Powers of Attorney. For one, the person who is named to handle financial affairs is referred to as an Agent. Some Agents think that as soon as they are named in the General Durable Power of Attorney they have the right to run the life of the person who named them. This is not how Powers of Attorney work.
The person who creates the General Durable Power of Attorney can choose to fire the Agent anytime they want. They can revoke the General Durable Power of Attorney or change the person they want to serve as an Agent if they feel their wishes aren’t being correctly carried out. It is also important to remember that a General Durable Power of Attorney terminates once the creator passes away. Once it has been terminated, the Agent can no longer act on behalf of the creator.
What Does the Term "Durable" Mean?
"Durable" means that the Power of Attorney either becomes effective upon the creator’s disability or that the disability will not terminate the Agent’s power to handle the financial affairs of the Principal.
Speak to our Estate Planning Lawyers in Colorado Springs
Do you need help drafting a General Durable Power of Attorney to include in your estate plan? If so, you should get in touch with our legal team to find out how we can assist you. At Gaddis, Kin, Herd & Craw P.C., we are dedicated to helping clients throughout Colorado protect their property and other valuable assets. Let us get to work for you today.
Contact a Colorado Springs estate planning attorney to request your consultation with our legal professionals.