Frequently
Asked Questions And Answers for:
Durable
Powers of Attorney
-
WHAT
IS THE PRIMARY FUNCTION OF THE GENERAL DURABLE POWER OF ATTORNEY
IN MY ESTATE PLAN? -- The general durable power of attorney is a
document that names another person(s)--as attorney in fact--to (a)
make personal welfare decisions, (b) manage finances, and/or (c)
make health care treatment decisions for you (usually) when you
are unable to do this for yourself. "General" powers of
attorney give a very broad grant of authority to act on behalf of
the client; whereas a "Limited" power of attorney gives
only specialized decision making authority. The "durable"
power of attorney allows the attorney in fact to continue acting
on your behalf even if you become mentally or physically incapacitated.
- WHAT IS THE ADVANTAGE
OF HAVING A DURABLE POWER OF ATTORNEY? -- The named attorney in fact
can make personal welfare decisions for you, manage your finances,
or make health treatment decisions for you, even if you become mentally
incapacitated, thus avoiding having a court appoint a guardian and/or
a conservator to do that for you.
- ARE THERE ANY DISADVANTAGES
TO HAVING A DURABLE POWER OF ATTORNEY? -- Since most powers of attorney
grant very broad authority to the attorney in fact to make personal
and medical decisions and manage finances for you, you need to select
a person who is trustworthy and will in fact carry out these decisions
solely for your best benefit and not use them for unauthorized purposes.
One way to minimize improper activity is to put a provision in the
power of attorney indicating that it will not go into effect until
a physician examines you and determines that you are unable to make
these decisions for yourself.
- WHEN DOES THE GENERAL
DURABLE POWER OF ATTORNEY END? -- Under the law when you die or revoke
the power,the authority of the attorney in fact ends.
- WHAT WILL IT COST ME TO
HAVE A WILL PREPARED BY AN ATTORNEY? -- Assuming you wish to have
your General Durable Power of Attorney prepared by Arizona licensed,
experienced, estate planning attorneys, rather than the many lesser
(and cheaper) alternatives, expenses to prepare one vary by location
in the greater Phoenix area. Expect to pay more for plans prepared
by the larger (downtown) Phoenix law firms as well as firms in east
Phoenix, Scottsdale, Paradise Valley, Carefree, and Tempe; lower charges
can generally be expected elsewhere in the county. Generally a simple
power of attorney begins about $50 per client.
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