A power of attorney is a document that lets you name someone to make decisions on your behalf. This appointment can take effect immediately if you become unable to make those decisions on your own. For example, if you become mentally incapacitated or deploy to another country, you may be unable to make necessary decisions personally. A durable power of attorney lets your attorney-in-fact make financial decisions for you.

If you want your attorney-in-fact to make healthcare decisions on your behalf, you will need a separate document, known as a living will or healthcare power of attorney.

In order to be effective, a power of attorney must be in writing, signed by the grantor (the person giving the authority), and notarized or witnessed.

A power of attorney may be revoked by:

A writing signed by the grantor and notarized stating the power is revoked
Physically destroying the original power of attorney
Divorce (if your spouse was the attorney-in-fact)
Death of the grantor

You can give your attorney-in-fact as many or as few powers as you want. A power of attorney can authorize your agent to do any or all of the following on your behalf:

Pay for support and care
Borrow money
Conduct banking transactions
Manage property
Handle legal claims
Access safe deposit boxes
Deal with insurance and retirement benefits
Prepare and file tax returns
Exercise stockholder rights
Contract for services
Make gifts
Collect social security benefits
Any other task allowed by law that you require

A durable power of attorney can be effective even after the disability or incapacity of the grantor. A springing durable power of attorney “springs” into effect upon the disability or incapacity of the grantor.

Power of Attorney

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