What is a durable power of attorney?

A durable power of attorney is an estate planning tool used in Nebraska to give an appointed individual the authority to manage financial and legal decisions on behalf of someone else. This individual is often referred to as an “attorney-in-fact” or “agent” and is appointed by the person granting the power, known as the “grantor”. The durable power of attorney in Nebraska takes effect at the time it is executed. This means that it is not dependent on the grantor’s physical or mental disability, or their death. The power of attorney remains in effect until the grantor revokes it, the agent dies or is no longer able to act as attorney-in-fact, or when the grantor dies. The powers granted by a durable power of attorney can include the ability to manage the grantor’s finances, buy and sell property in their name, make charitable donations, manage investments, handle tax matters, and more. In many cases, the agent is also granted the power to make health care decisions, such as signing documents that give permission to doctors to perform surgical procedures or administer certain medications. However, this must be clearly stated in the powers granted. The durable power of attorney is an incredibly useful estate planning tool, allowing individuals to manage their affairs and make decisions in their best interest even if they become incapcitated. It is important to have an experienced attorney review and advise on the creation of a durable power of attorney in Nebraska to ensure that it is legally binding and accurately reflects the grantor’s wishes.

Related FAQs

What tools are available to help me plan my estate?
Should I include a trust or will in my estate plan?
What is the difference between an executor and a trustee?
What is a last will and testament?
What is an estate distribution plan and how does it work?
What are the tax implications of estate planning?
What is a guardianship and why should I consider it?
How do I plan for a child or grandchild with special needs?
What is a letter of intent and how does it work?
Is estate planning expensive?

What is a durable power of attorney?

Related FAQs

Related Blog Posts