"Durable" Power of attorney Question?

thezbar · 04-17-21, 06:37 PM

Most states require documentation and two witnesses. There are ways to prevent fraud. I suggest you to some research. Find a legal service company that can assist you. Once you understand the laws in your state you might consider contracting one of them. Shouldn't cost more than a couple hundred bucks. May be worth it for your peace of mind. G.L.

thomorino · 04-17-21, 06:59 PM

Originally posted by LongBall52

I'm likely in the process (old age) of possibly using a "power of attorney" ( old and alone , but not without some decent cash...NO not rich!!!)
My legal question ( and I know each state has their own plan). But maybe with enough responses can learn more.
Please correct me if I'm wrong!!! Her it goes. If you give a "loved one" durable" power of attorney, and he/she decides to take all your money, what do you do???? Recently was told (and could be wrong) the person that robbed from you isn't liable for even jail time... W T F ??? (virginia here). Is POA a license to steal in your state?
Thanks

No that’s not the way power of attorney works. Your documentation, likely a trust, living will, or will, specifics when someone has power of attorney and to what end.

All you have to do is specify when and for what purpose you are designating a person or person with power of attorney and that will specified and limit scope of when and what decisions that individual or individuals can make.

In most cases power of attorney is used in a very limited scope for making decisions on issues such as medical decision of you are incapacitated.

A power of attorney agreement is a contract and you can specify the scope and limitations of that contract which is usually part of a broader document like a will or trust.

thomorino · 04-17-21, 07:00 PM

Originally posted by LongBall52

I'm likely in the process (old age) of possibly using a "power of attorney" ( old and alone , but not without some decent cash...NO not rich!!!)
My legal question ( and I know each state has their own plan). But maybe with enough responses can learn more.
Please correct me if I'm wrong!!! Her it goes. If you give a "loved one" durable" power of attorney, and he/she decides to take all your money, what do you do???? Recently was told (and could be wrong) the person that robbed from you isn't liable for even jail time... W T F ??? (virginia here). Is POA a license to steal in your state?
Thanks

The best way to do it is to give only people you trust this power and to give the power to more than one person with limits.

LongBall52 · 04-18-21, 12:57 PM

Originally posted by thomorino

No that’s not the way power of attorney works. Your documentation, likely a trust, living will, or will, specifics when someone has power of attorney and to what end.

All you have to do is specify when and for what purpose you are designating a person or person with power of attorney and that will specified and limit scope of when and what decisions that individual or individuals can make.

In most cases power of attorney is used in a very limited scope for making decisions on issues such as medical decision of you are incapacitated.

A power of attorney agreement is a contract and you can specify the scope and limitations of that contract which is usually part of a broader document like a will or trust.

I attended a free seminar about wills and trusts ... I know "free" means you get what you pay for. However 1/2 of the 2 hours was by a practicing attorney in this area. He stated clearly that POA and a will are 2 entirely seperate documents.
God Almighty....I hope I don't have to ask 10 lawyers to see what the majority say.. It's unreal to me, but I'm a loner and trust very few.

mrpapageorgio · 04-18-21, 03:24 PM

Power of attorney means the POA is only valid until the issuing individual dies or becomes incapacitated. Durable means it lasts even in incapacitation (can't remember if the survive death, but I don't think they do since a will takes over).

From my memory of the law course I took in college the person having POA generally has a fiduciary duty meaning they have to act in your best interests. You can always specify that in the POA though to make sure they can't run off with your money (or at least have a legal recourse to claw it back). Of course the general rules can vary by state.

LongBall52 · 04-18-21, 04:07 PM

God bless..You may have "power of attorney" and "Executrix" of a will confused. They are not one and the same.

MinnesotaFats · 04-18-21, 09:02 PM

Just form a revokable trust and name a successor trustee after you become incapacitated.

You're the beneficiary of the trust, they work for you...then upon death it converts to irrevocable and you avoid probate for loved ones