The power of attorney document is utilized when a person (principal) decides to appoint another person (agent) to act in their behalf. This document is utilized for many purposes and the principal is not forced to have a specific reason for utilizing it.

Example: If someone has decided to temporary relocate to a foreign country for employment or personal reasons they may need someone to do they banking while they are away. Elderly individuals will also use the power of attorney document as a way to secure their assets while allowing someone they trust to conduct business for them and manage their properties.

Ordinary Power of Attorney: This document is only valid as long as the principal is capable of making decisions for him or herself, but will become invalid as soon as the principal is deemed mentally incapacitated or dies.

Durable Power of Attorney: This document will remain valid in the event that the principal becomes mentally incapacitated, but they must be alert and oriented at the time it is made. It will terminate at the time of the principal’s passing. The principal also has the option of revoking the power of attorney at any time, by notifying the agent of their intentions. In this case, the original document should be shredded at the time of revocation.

As a principal, you have the right to revoke the power of attorney at any time. This action is only allowed if the principal is mentally competent to make their own decisions.