Power of Attorney Tips & Advice

Video Transcript

"This is Patrick Munro talking about difference between durable and limited power of attorney. Basically, power of attorney is a right of one individual to oversee the details or the life of another individual. Normally, it's due to the fact that the first individual who has the power of attorney, either durable or limited, is assisting someone that is incapacitated. That could be due to health issues. It could be due to mental issues of an individual. It could be also due to a short term set back for an individual. So if it's a short term set back, an individual would have a limited power of attorney over another person. However, if it's a long term situation as in the case of a parent and their child and the parent has gone in to a long term care facility and is no longer able to care for them selfs, that would be a durable power of attorney. This is Patrick Munro, financial adviser, talking about the difference between a limited power of attorney and a durable power of attorney."