Not all legal transactions are personally entered into by a person. Some of these transactions are through an agent known as attorney in fact via a document giving power of attorney.
A durable power of attorney is a legal document executed by a person named as principal granting authority to another person known as the attorney-in fact to enter into a specific legal transaction. It is different from the commonly known general power of attorney and limited power of attorney.
If you are giving power to your attorney in fact through a document known as a durable power of attorney to sell or mortgage your property, be aware that this power is effective and will continue in effect even in the event of your mental incapacity or injury. This is one characteristic of a durable power of attorney which is not present in a general power of attorney or a limited power of attorney.
Usually this is availed of by elderly members of our society in favor of their relatives who can make or decide about her or his health in the future when she or he becomes incapacitated. It is a document granting financial and medical responsibilities to your relative who will decide on your behalf.
It is important to execute a durable power of attorney if you are approaching old age so that your family will not be powerless when it comes to your health, pay medical bills or make important health care decision for your benefit. Without this document, your family will not be allowed to make important decisions regarding your health. In giving out this power, choose an affordable power of attorney lawyer wisely and discuss the scope of her or his responsibility.