What is a durable power of attorney?
A durable power of attorney is a document used in estate planning law in Idaho that allows you to appoint a person (or an organization, like a bank) to handle your affairs if you become incapacitated or are otherwise unable to do so. This appointed person is known as an “agent” or “attorney-in-fact.” This power of attorney document also remains in effect if you become mentally incapacitated, fall into a coma, or are suffering from Alzheimer’s or dementia. A durable power of attorney allows the person you assign to make decisions such as paying bills, managing investments, and making medical decisions. The agent can also make decisions about tax and legal matters, such as managing real estate and signing contracts. Having a durable power of attorney in place in Idaho is important for estate planning, as it allows you to plan ahead for a time when you can no longer make decisions on your own. Without it, a court may be called upon to appoint a representative — which could be someone you don’t want managing your affairs. It also saves your loved ones the burden of having to go to court for the authority to handle your affairs.
Related FAQs
What is a disclaimer and how does it work?How do I plan for a child or grandchild with special needs?
What should I do if I want to disinherit a beneficiary?
How can I protect my family's inheritance from creditors?
What is an estate tax return and why should I file one?
How can I protect my assets from creditors?
How do I set up an estate plan?
Should I include a trust or will in my estate plan?
What is a testamentary trust and how does it work?
What is a revocable living trust?
Related Blog Posts
Understanding Estate Planning Law: What You Need to Know - July 31, 2023Developing an Estate Plan: A Guide for Families - August 7, 2023
Tax Planning Strategies for Estate Planning Professionals - August 14, 2023
The Basics of Estate Distribution and Taxation - August 21, 2023
Exploring the Benefits of a Living Will - August 28, 2023