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Simple Advice for Durable Power of Attorney Agents

So, you've found yourself named as the acting agent under general durable power of attorney. Here are a few simple guidelines to help you understand and carry out the duties required of you under this power.

- Make sure the power of attorney is effective. Many times powers will be effective at the moment the documents are signed, however, some only once the principal becomes incapacitated.

- Know exactly what your powers are and what they are not. Some can grant you very broad powers while some may be very limited.

- Keep good records! Most importantly, keep detailed records of all financial transactions.

- Do not commingle your assets with the principal's assets.

- Do not give away original documents. Be sure to have any entity requiring the documents make copies.

- Discontinue using any power of attorney immediately upon the principal's death.

This is a simple guide to help you get started, but if you've been appointed as an agent you should consult with a professional estate litigation Attorney for a more in depth look at your role and what is required of you by law.

*This blog entry was not written by an Attorney and should not be constituted as professional legal advice.