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Estate Planning For Business Owners

A Durable Power Of Attorney Gives Authority

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A Durable Power Of Attorney can give a trusted person the authority to act in your place in case you become incapacitated and can't speak for yourself. The Durable Power Of Attorney can be used to give someone power to run the business, or be limited to decisions which are usually within the province of an owner.

Without a Power, a court may have to appoint a person (often a stranger) to make owner type decisions that have to be made.

A Durable Power Of Attorney is:

  • A Power Of Attorney is a document which gives whatever authority you specify to another person (your "Agent") to act on your behalf.
  • A "Durable" Power of Attorney is one that stays in force even if you become incapacitated and can't speak for yourself.

A Power of Attorney can take effect when signed. In most states, the Power can be "springing" -- not start until an event which you specify occurs.


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