What is a durable power of attorney?

A durable power of attorney is a legal document that allows someone, termed the “attorney-in-fact” or “agent,” to make decisions on behalf of another person, called the “principal.” The power of attorney document specifies situations in which the attorney-in-fact may make decisions for the principal. In the state of Alaska, the document should be in writing and signed by the principal. Generally, a durable power of attorney is for health care decisions, financial decisions, or both, and it also allows the attorney-in-fact to manage the principal’s estate. A durable power of attorney is different from a standard power of attorney document in that it remains in effect even if the principal becomes incapacitated or disabled. This means that the attorney-in-fact can continue to make decisions on behalf of the principal rather than the court having to appoint a guardian or conservator. When creating a durable power of attorney in Alaska, it is important to make sure it is properly executed and witnessed. Additionally, the principal must have the capacity to understand the agreement. It is also important to ensure the attorney-in-fact is trustworthy so that the principal’s wishes are respected. Having a durable power of attorney is an important part of estate planning in Alaska. It allows for someone to make decisions on behalf of the principal if the principal cannot make the decisions themselves. It is important to make sure it is properly prepared and executed so that the principal’s wishes are respected.

Related FAQs

How should I distribute my assets if I don't have a will?
What are the benefits of establishing a family limited partnership?
Should I consider creating a trust for my pet?
How can I ensure that my beneficiaries receive their inheritance quickly and efficiently?
What is a charitable remainder trust and how does it work?
What are the estate planning laws in my state?
What is an estate inventory and why should I create one?
What is a trust protector and how does it work?
What is a last will and testament?
What is the purpose of estate planning?

What is a durable power of attorney?

Related FAQs

Related Blog Posts