Estate Planning 101 – Part 7 – More on the Durable Power of Attorney

This post continues a closer look at the Durable Power of Attorney (DPOA). The DPOA is one of three documents this Estate Planning 101 series is focusing in on.  These three documents, plus a couple of other important topics, should be the foundation for any basic estate planning discussion in Oklahoma.  You can go back and look at those posts and others in the series for more foundational information about the DPOA and estate planning in general if you wish.

Moving toward the heart of the document, the main issues in a Durable Power of Attorney could be summarized by the phrases: WHO, WHEN, and WHAT.

1. WHO

As discussed in the last post, when someone makes a DPOA, it is of utmost important WHO they name to act on their behalf. This person(s) is called an Attorney-in-Fact.  Whether this should be one person or a group, what alternates should be named and in what order, whether any should be family members or not, and whether naming someone nearby is significant, are just a few of the issue it is important to discuss with an attorney in detail.

2. WHEN

WHEN the DPOA becomes effective is key. It is often upon signing.  But it is also often upon a defined event in the future, such as a doctor finding that the person making the DPOA is incapacitated – or mentally or physically unable to handle their own affairs.  There are potential advantages and disadvantages to these two main approaches that clients should discuss with their attorney in detail.

3. WHAT

WHAT powers a DPOA grants is important. A DPOA usually grants an Attorney-in-Fact broad powers.  It could also be limited powers.  The plusses and minuses of each approach are the third topic that should be evaluated when meeting with an attorney.

There are other things that could be discussed, but there three items are foundational to understanding the DPOA.

If our office may be of assistance to you in these areas, do not hesitate to contact us at (580) 338-6503 or at coryhicks@fieldandhicks.com or using any of our contact information in the profile.  You can also visit www.fieldandhicks.com for more information.

This blog contains general information and the opinions of the author – not legal advice; you should seek the advice of competent counsel (attorney/lawyer) when considering any legal issues.