Posted On: July 2, 2013 by Watts & Herring, LLC

Good overview of durable power of attorney

The Dana lawfirm in Arizona has an excellent article on what is a power of attorney and the difference in an immediate one and a springing power of attorney.

A power of attorney lets the person you select act on your behalf. We recently changed the law in Alabama on some of the assumptions/default choices in a power of attorney so its a good idea to get your power of attorney reviewed.

We also recommend you update yours every few years so it will not be viewed as "stale" by financial institutions. This is not a legal requirement but a practical requirement.

The blog post from the Dana firm ends with this and I think it is an excellent summary:

Regardless of which type of General Durable Power of Attorney a person has, these power of attorney documents are important to allow a principal who may be incapacitated to allow the agent to step in and pay for things such as the mortgage, car payment, utilities, medical bills and other costs and expenses that may come up. Without an agent in place there is the risk of foreclosure of real property, re-possession of automobiles, late fees and accumulating interest on credit accounts. The General Durable Power of Attorney document is an essential part of any estate plan.

If you have questions about using a power of attorney in Alabama (which we recommend every person have), call us at 205-879-2447 or contact us through our website.