WHAT IS A GENERAL DURABLE POWER OF ATTORNEY?
In general, a power of attorney is a document that lets you choose someone to act on
your behalf, called an attorney-in-fact (or an agent). If the power of attorney is described as “durable,” it will stay valid if you become incapacitated or disabled.
Powers granted to an attorney-in-fact.
Your attorney-in-fact is allowed to do a number of things, like signing tax returns, accessing safe deposit boxes, receiving your income, writing checks, paying your expenses, accessing your retirement accounts and Social Security information, and handling other day-to-day financial matters. You can give your attorney-in-fact more powers, but they often have to be specifically authorized.
Who is eligible for appointment?
Generally, anyone over the age of 18 can be appointed (although some states impose
restrictions on parties that have been convicted of certain offenses). Keep in mind that your attorney-in-fact will be involved with your financial and personal matters, so it’s important to choose someone with financial acumen and with whom you’re comfortable sharing sensitive information. This person could be different from the one you appoint to make your medical treatment decisions (and you should choose at least one alternate agent just in case the original one can’t serve).
Revoking powers of attorney
As provided under state law, a power of attorney can be revoked by your own action or
by a triggering event in the document’s provisions. To avoid confusion about whether the document is still in effect, you might want to revoke it in writing and collect and destroy copies of the revoked document. Not that the Power of Attorney will become void when you die.