What is a durable power of attorney?

A durable power of attorney is a legal document that gives the person who makes the document (grantor) the authority to appoint someone else (agent) to handle their financial matters. This document is commonly used in Trusts and Estates Law in Kansas when someone becomes incapacitated and can no longer manage their own financial matters. The durable power of attorney only goes into effect under certain circumstances, such as the incapacity of the grantor, and it is only valid for a certain period of time, unless otherwise specified. The document outlines the agent’s authority to manage the grantor’s financial matters, such as paying bills, filing taxes, investing and managing assets, making decisions about real estate, and other financial matters. When the document is signed, it is important to have a third party witness it in order to ensure that it is fully valid and enforceable. Additionally, in Kansas, the power of attorney must be filed with the county clerk to be made effective. The durable power of attorney document is a powerful legal document, and should only be used when absolutely necessary. Additionally, it is important to choose an agent who is trustworthy, responsible, and capable in order to avoid any potential conflicts or issues.

Related FAQs

How do I amend or modify a trust?
What are the trusts for an estate plan?
Can I change the terms of a trust?
What is a special needs trust?
How do I fund a trust?
What is a generation-skipping trust?
What is a pour-over will?
What is trust planning?
What is a trust document?
What is estate tax?

What is a durable power of attorney?

Related FAQs

Related Blog Posts