What Is a Non-Durable Power of Attorney?
In general, a power of attorney is the authorization of another person to act on one's behalf in financial and legal matters. A non-durable power of attorney prohibits your agent from making certain decisions, such as those related to health.
Other People Are Reading
-
Time Frame
-
A non-durable power of attorney is good throughout your lifetime, but ceases to be effective if you become incapacitated and unable to make your own decisions.
Features
-
A non-durable power of attorney grants power to another person to sign checks, obtain financial information, open or close bank accounts, borrow money, buy or sell investments and enter into legal contracts on your behalf.
-
Agent
-
It is important to select an agent who has your best interests in mind and is capable of handling the types of financial tasks that you may require.
Benefits
-
A non-durable power of attorney is useful for frequent travelers and military personnel who are stationed overseas.
Changes
-
You can change the agent in your non-durable power of attorney at any time. Some states require you to re-file your POA with your county or local government. Others do not require POA records to be kept in government offices.
Considerations
-
A durable power of attorney has no restrictions and may be more beneficial. Consult an attorney for advice on which type of POA is best for you and for information on executing a POA in your state.
-
