Frequently Asked Questions About Washington Durable Powers of Attorney
In Washington estate planning, a durable power of attorney (DPA) is a critical document that can help protect your assets. A DPA enables you to appoint a family member, friend, or other trusted person to make financial decisions for you and your property. This can prove especially useful if you become incapacitated and are no longer able to make those decisions for yourself.
We often get questions from potential clients about how a durable power of attorney works. While it is always best to speak with an attorney directly about your concerns on this or any other estate planning matter, here are some of the more common questions we get on the subject.
How Does a Durable Power of Attorney Work?
A durable power of attorney is a document signed by one person–the principal–who grants legal decision-making authority to another person, who is known as the agent. Typically, a DPA grants the agent broad authority to manage the principal’s finances. This can include handling their bank accounts, paying their bills, selling their property, and essentially taking any action that the principal could on their own.
Does Signing a Power of Attorney Give Up Control Over My Property?
No. You keep all financial and health care decision-making authority for yourself. But if you become sick, incapacitated, or unable to manage your decisions, your DPA can include language authorizing your agent to continue acting on your behalf during your disability.
What makes it a “Durable” Power of Attorney?
Durable simply means that the agent’s authority is not impacted by the incapacity of the principal – it’s durable because it survives incapacity.
Can I Limit My Agent’s Authority Under a Power of Attorney?
Yes. You can grant your agent as much or as little authority as you wish in a durable power of attorney. In some cases, you may even wish to sign a limited durable power of attorney that grants your agent authority over a specific asset, such as your home.
When Does a Power of Attorney End?
You can revoke a durable power of attorney at any time. You can also sign a new power of attorney designating a different agent. One thing to keep in mind, however, is that under Washington law, a power of attorney automatically terminates upon the death of the principal. So once you die, your agent no longer has the authority to manage your finances.
Does a Durable Power of Attorney Need to be Witnessed and/or Notarized?
In Washington, a durable power of attorney must be signed either in the presence of a notary public or at least two witnesses. If you use witnesses, they cannot be your healthcare provider or someone related to you by blood, marriage, or domestic partnership. And even if your DPA is witnessed, it is still a good idea to also have it notarized, as many financial institutions require notarization before they will accept a power of attorney.
Contact a Spokane Power of Attorney Lawyer Today
A durable power of attorney is just one part of a comprehensive estate plan. Our Spokane power of attorney lawyers can advise you on the full range of estate planning needs for you and your family. Contact Moulton Law Offices, P.S., today to schedule a free consultation. We serve clients throughout the Spokane Valley, Kennewick, and Yakima area.
