Estate Planning – Answers about Powers of Attorney (Powers of Attorney Series #2)

by Bob Frie

Most Powers of Attorney are titled as “Durable” Powers of Attorney.

What is a “Durable” Power of Attorney?

The Colorado Bar Association provides this explanation:

“A ‘Durable’ Power of Attorney permits an agent to make decisions on behalf of the principal if the principal becomes incapacitated. This is done by…including certain language such as: ‘this power of attorney shall not be affected by disability of the principal’ or ‘this power of attorney shall become effective upon the disability of the principal.’ This shows the intent of the principal for the agent to remain in authority regardless of subsequent disability or illness”

This could bring up another question however: Can a principal change his or her mind?

“As long as a principal has capacity they can revoke a power of attorney at any time. All that is required…of the principal is to send a letter to the agent letting them know that their status as power of attorney has been terminated. A copy of the letter should also be sent to any person or institution that knew of the original power of attorney, such as doctors, banks, and lawyers.”

Stay tuned to our blog for more explanations and answer to common questions on powers of attorney.