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A Useful Device For Seniors:
Durable Power of Attorney
A durable power of attorney can be a useful, and sometimes essential, document for the senior citizen. In general, the older a person becomes, the more important it is to have a durable power of attorney.
A durable power of attorney is a paper by which one person (the "principal") appoints another as agent and allows the agent to act for the principal. The agent is also known as the "attorney-in-fact," not to be confused with an "attorney at law" who is a person licensed to practice law.
The most common use for a power of attorney is to transfer property. The principal can authorize the attorney-in-fact to sign the principal's name to buy, sell, or mortgage real estate; buy or sell securities; deposit or withdraw funds from a bank; or sell automobiles. The power of attorney can also be used to make health care decisions and arrange living accommodations. You can give your attorney-in-fact as much authority as you think appropriate.
Clearly, you should appoint only someone you trust. Most married couples appoint each other. Single persons generally appoint a relative or a close friend.
If you do not have a durable power of attorney and you become incompetent by accident, disease, or age, a court-supervised guardianship would likely have to be started for you. A guardianship would make your finances and personal problems a matter of public record. A guardian's decisions regarding your welfare would require a court order. Your guardian would probably need a lawyer for some of the court proceedings. Most of us prefer these matters be determined privately by a spouse or trusted relative acting under a durable power of attorney.
Every senior citizen, who has a close friend or relative who can be trusted to make personal and financial decisions, should consider having a durable power of attorney.
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The information in this web site is all general information. The information is applicable only to the state of Washington, unless otherwise stated. This general information is not legal advice for your particular circumstances. If you have legal questions you should consult your lawyer.