Durable Power of Attorney for Assets

Durable Power of Attorney for Assets

When do you need one?

• An individual must execute the document when they are fully capable of understanding the nature and consequences of their own acts.

• It can be effective immediately or when the attending physician determines an individual is no longer capable of managing their assets.

• Avoids necessity of getting court appointed Conservator.

• It may be limited or general.

How do you get one?

• The individual executes a durable power of attorney for assets.
  
  
• The document must be signed before a notary.
  
  
• The individual must declare that he or she signed or acknowledged their signature was free and voluntary.

What can the power of attorney do?

• Receive debts, property, et cetera.
  
  
• Deal with banks by endorsing checks and drafts, sign the individual's name to checks, and to withdraw any property of any description held in any bank.
  
  
• Deposit, withdraw, and invest moneys.
  
  
• Settle accounts.
  
  
• Satisfy security interests and mortgages.
  
  
• Prosecute and defend.
  
  
• Manage and lease real estate.
  
  
• Sell or exchange real or personal property.