A durable power of attorney for property is a legal instrument used in estate planning that allows a person (the principal) to authorize someone else (the agent) to make decisions or perform actions related to the principal’s assets and finances. The fact that it is durable means it remains in effect even if the principal becomes incapacitated and can no longer make decisions.
Although many people think incapacitation is the purpose of a durable power of attorney for property, it is useful in several other scenarios. Whatever the reason for your durable power of attorney (DPOA), remember to have it drafted by a qualified Illinois estate planning lawyer.
When Is a Durable Power of Attorney for Property Useful?
While decision-making power in the event of incapacitation is one of the purposes of a durable power of attorney, principals find DPOAs useful in many other scenarios. For example: