The Importance of a Durable Power of Attorney

When people think of power of attorney, they generally visualize a sickly octogenarian, who has signed over the rights of his vast financial empire to a nefarious, younger man in a three-piece suit. This cinematic image has become so ingrained in our minds that even many adults aren’t aware that everyone should have a durable power of attorney agreement.

A power of attorney agreement grants one person the ability to make certain decisions for another. The parameters are spelled out in detail and can involve private affairs, business decisions, and various other legal matters. However, with a standard power of attorney arrangement, the authorization to act ceases if the grantor or principal becomes incapacitated or dies. A durable power of attorney remains in force even if the grantor is stricken ill, deemed incompetent, or is deceased—which is precisely why everyone needs one.

You probably don’t lead the sort of life that requires you to delegate your day-to-day decisions to another person. However, if you were to be involved in an accident or suffered from a sudden diminishment of your mental faculties, there are matters to which someone must attend. What will become of your job? What happens to the money in your bank accounts or your investments? Who will maintain your house and pay your bills? What type of medical treatment are you willing to endure? Without a durable power of attorney, these affairs are often subject to the will of friends, family members, and sometimes even the courts.

Unfortunately, unless they speak to a lawyer, most people never acknowledge the utility of a durable power of attorney until tragedy befalls them—at which point it’s too late. Because of this estate-planning attorneys will usually insist on their clients establishing a durable power of attorney arrangement.

A durable power of attorney gives the agent of record the ability to make decisions regarding:

• Employment
• Business
• Health Care
• Parental/Guardian Succession
• Distribution of Financial Assets
• Artificial Life Support
• Asset Allocation
• Payment of Debt

If you haven’t established a durable power of attorney agreement in Virginia, you’re estate is only as solid as your ability to avoid accidents and downturns in health. A qualified Fairfax VA estate-planning attorney can develop a durable power of attorney agreement that allows you your autonomy, but still protects you, your business, and family from unpredictable mishaps.