Understanding the Durable Power of Attorney

VIDEO TRANSCRIPT:

The third major tool in the legal toolbox is something called a "durable power of attorney". The person in charge of the durable power of attorney is somebody called your "agent". So, once again, the trustee is in charge of the trust, the executor is in charge of the will and the agent is in charge of the durable power of attorney. 

The person with durable power of attorney, who is your agent, may handle all non-trust matters. And the reason that this is important is because a lot of people confuse it. It sounds very similar to the trustee's job. And it is very similar, except that if it's a matter that has to do with the trust, the trustee will handle it. But if it's an issue that doesn't have anything to do with the trust, then the person with the power of attorney would be the person to handle that.

Now keep in mind, oftentimes people choose the same persons to fulfill most of these jobs. So it's not like you have to pick a different person for every role. You can pick the same person across the board to serve in a multitude of different capacities. 

To learn more about estate planning or to make an appointment for your own plan, call (661) 414-7100 to set up a consultation.