Durable powers of attorney are powerful documents that allow for designated persons to manage your financial affairs. A durable power of attorney grants an agent the power to buy and sell real estate, open and close bank accounts and sign tax returns on behalf of the grantor.
These documents are often utilized when one individual is unable to execute documents that require the signature of two, be it spouses, business partners or other parties. The power of attorney can be limited to various transactions including specific assets. The power of attorney takes effect immediately upon signing but may be held in escrow so that your power of attorney cannot be released until certain events take place. Your power of attorney should be renewed every 3-5 years so that it does not become “stale”.
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