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What’s the truth about “Power of Attorney”…is this something you need
Actually, this isn’t “street talk”…this is something I learned through research
Some people have asked how long a power of attorney will last. The answer is that it will last however long you set it up to last. If you set a date for a power of attorney to lapse, it will last until that date. If you create a general power of attorney and set no date for it to expire, it will last until you die or become incapacitated.
There are two types of powers of attorney; a general power of attorney and a durable power of attorney.
A general power of attorney will expire when the principal (person establishing the power of attorney) dies or becomes incompetent, unless a specific expiration date is set in the power of attorney document.
A durable power of attorney is specifically designed, using relatively new laws, to survive or “endure” the incompetency of the principal. Usually, a durable power of attorney is set up to take effect upon the incompetency of the principal. This allows the “agent,” appointed in the power of attorney, to take over and act on behalf of the principal. The durable power of attorney will be active until the principal regains his or her competency or dies.
Powers of attorney should be redone every few years. Basically, you just need to sign a new copy with a new date. Some banks and other entities won’t honor a power of attorney that is a number of years old and has never been used.
In most states there is no set rule as to how often you should redo a durable power of attorney. If you want to make sure you are safe, every 3 years would be prudent.
