What is a Durable Power of Attorney Review?
A durable power of attorney is a legal document between an agent and principal. How it works is that the agent takes on the principal’s affairs, remaining valid even if the principal is incapacitated.
This document is commonly used when one party wants to prepare for when they might become incapacitated so that someone they trust can manage their health and financial situation.
Since it handles sensitive information, you should take the time to review a durable power of attorney once it’s been drafted.
Read the rest of this article to explore the most common types of durable power of attorney, what’s usually included in a durable power of attorney, how to review it, and when you should consult a professional lawyer for an in-depth review.
What are the Common Types of a Durable Power of Attorney?
The two most common types of durable power of attorneys are:
- Durable medical power of attorney. This is when someone has the authority to make your healthcare or medical decisions if you can’t.
- Durable financial power of attorney. Someone is appointed to control your financial situation, such as paying your bills, collecting insurance benefits, and more.
What’s Included in a Durable Power of Attorney?
A durable power of attorney usually contains information such as the following:
- Parties. The parties’ names are clearly identified. Their full legal names and other details must be included, as well as what their roles will be under the agreement.
- Authority scope. This outlines what powers the agent will have.
- Effective date. The document must state when it will become effective, such as if it’s immediately effective after signing or it will become effective at a specific time in the future (such as when a doctor determines incapacity in the principal).
- Financial management. This section of the document authorizes a specific agent to handle the other party’s finances.
- Property and asset management. The agent is given authority to handle the other party’s real estate, such as by selling or buying houses on their behalf.
- Durability clause. This part makes it clear that the agent will have control despite the other party’s incapacity. This is important to state so that they won’t lack the authority required.
How Can You Review a Durable Power of Attorney?
You should check for some important aspects in the document to ensure that it’s valid and protects you.
Check for Durability
To ensure that the document is valid if the principal is incapacitated, it must have specific wording. Flag anything vague or ambiguous.
Assign Backup Agents
Backup agents must be mentioned in the document in case the primary agent can’t commit to their roles.
Assess the Roles
You should check that the document clearly lists if the powers the agent has are general or limited powers. There should be specifics listed, such as if the agent will be managing bank accounts or investments.
Confirm it’s Notarized
It’s common for many U.S. states to require durable power of attorney documents to be notarized. This ensures that they’re valid and legal, and will be accepted by banks, hospitals, or other third parties.
Check Legal Compliance
Durable power of attorneys have different rules in different areas, so you should always check it against the laws in your region.
Can You Revoke a Durable Power of Attorney?
A durable power of attorney can be revoked. You might want to do this if you no longer want to give the agent you chose the authority to make decisions that affect you. You can revoke a durable power of attorney by replacing it with a new power of attorney and writing a letter that explains your decision to revoke the agent authority.
A lawyer can help you with the process of revoking your durable power of attorney to ensure it’s done correctly and legally.
Should You Seek Legal Guidance for a Durable Power of Attorney Review?
It’s advisable to get a legal review of your durable power of attorney from a professional lawyer because there could be things you miss. Here is how a lawyer will help you:
- They’ll check that the document is legally valid by ensuring it complies with all local laws.
- They’ll confirm that the signing process was properly conducted, such as with witnesses and notarization.
- They’ll identify hidden risks, such as any vague wording or missing details that could result in issues later.
- They’ll check that the agent you’ve chosen for your durable power of attorney is appropriate for the role and that you’ve got the right backup agents.
- They’ll check if the durable power of attorney is properly structured for your assets and situation.
- They’ll ensure it is aligned with other legal documents, such as living wills and trusts to prevent uncertainty or disputes.
- They’ll revise the durable power of attorney if it needs changes to make it legal, valid, and clear.
Where Can You Find and Hire a Lawyer to Review Your Durable Power of Attorney?
If you want to work with a lawyer to review your durable power of attorney, which is advisable, you don’t have to struggle to find one. There are online legal platforms that make this process fuss-free and something you can do from the comfort of your home.
On ContractsCounsel, one of the largest online legal marketplaces where you can find reputable and experienced lawyers, you can easily request a review of your durable power of attorney.
Here are the steps to follow:
1. Visit the ContractsCounsel marketplace.
2. Post your request for a legal review for free. Include details of what you require.
3. Wait for lawyer bids. You’ll receive multiple bids from vetted lawyers on the platform who are ready to review your contract for a flat fee.
4. Review the lawyers' profiles. Before selecting the best lawyer for your requirements, view information provided on the platform. This includes the lawyers’ locations, their years of experience and expertise, and client ratings for previous projects completed on the platform.
5. Select the best lawyer for your purposes and hire them.
