Power of Attorney New Port Richey

Why Do I Need A Power Of Attorney?

Why should I have a power-of-attorney if I have already added my children to my bank accounts?

Although the children would be able to pay the bills from the bank accounts, they would not be able to sign hospital admission papers, nursing home agreements, or any other legal documents without a power-of-attorney, unless they were willing to personally obligate themselves for the bills, regardless of how high they may go.

By signing as POA, they are only agreeing to pay bills as long as the parents’ money is available. With privacy laws that are in place these days, the children may not be able to get any information regarding the health issues without a valid power-of-attorney or health care surrogate form.

What Makes Durable Power-Of-Attorney Different?

What is the difference between a Durable Power-of-Attorney and any other Power-of-Attorney?

Any Power-of-Attorney that is not “Durable”, lapses or becomes invalid in the event the principal (maker) becomes incapacitated, but the language in a Durable Power-of-Attorney states that it is durable to survive incapacity, so that it is valid until the principal dies, or until the court appoints a guardian.  Since it is valid even after the person becomes incompetent or incapacitated, there is generally no need to have a guardian appointed, saving significant court costs and legal fees.

Author:  Bob Altman Bob Altman