Content Overview 
- Summary
- When Does A Durable Power Of Attorney End?
- Terms to Know
- What Can An Agent/Attorney-in-fact Do?
- Who Might Need A Durable Power of Attorney?
- When Does A Durable Power Of Attorney Take Effect?
- Who Decides If I Am Incapacitated For Purposes Of A Power Of Attorney?
- When Might A Guardianship (Conservatorship) Be Better Than A Power of Attorney?
- Do I Need A Lawyer To Prepare A Durable Power-Of-Attorney For Finances?
- Who Should I Name As "Agent" Or "Attorney-In-Fact"?
- Banks, Stock Brokers, Financial Institutions and Social Security
- How To Prevent Abuse Under A Power Of Attorney
- What Is The Best Way To Execute A Durable Power Of Attorney?
- How Do I Revoke (cancel) A Durable Power Of Attorney?
Durable Power Of Attorney For Finances
What Can An Agent/Attorney-in-fact Do?
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It's up to you to determine the powers your Attorney-in-fact has.
In general, an Attorney-in-fact can do everything you can, or be limited to acting just on one specific matter -- or anywhere in between. The only exception is that depending on the state in which you live, an Attorney-in-fact may not be able to make health care decisions for you. If you want an Attorney-in-fact to make health care decisions, you can execute a Health Care Power Of Attorney.
An Agent under a General Power of Attorney can:
- Use your assets to pay your and your family's everyday expenses.
- Buy and sell real and personal property.
- Collect benefits from Social Security, Medicare, or private insurance policies.
- Invest your money.
- Perform banking transactions -- including taking loans on your behalf.
- File and pay your taxes.
- Negotiate a settlement with the IRS and other taxing authorities.
- Operate your business.
- Change your legal domicile to a state where Medicaid rules are more favorable.
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Access your safe deposit box.
Whatever powers you give the Attorney-in-fact, he or she must:
- Act in your best interests.
- Keep accurate records.
- Keep your property separate from his or hers.
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Avoid conflicts of interest.
As you will see below, the power of attorney does not have to take effect the day you sign it.
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Health Care Power Of Attorney
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