Nondurable Power of Attorney - Non Durable Forms

Nondurable Power of Attorney - Non Durable Forms

A nondurable power of attorney only serves as your agent for a specified period of time. With the different types of power of attorneys, it's important to understand the differences. A non-durable power of attorney, or limited power of attorney, limits the time frame in which a person acts as your attorney in fact.

Power of Attorney in 3 Easy Steps!

Should you die or become incapacitated, a nondurable power of attorney ends immediately. Your agent gives up all responsibility handling your financial, business and legal decisions. This form of power of attorney protects you and your assets.

When to Choose a Non-Durable Power of Attorney

If you are going away for a specified period of time, either on a business trip or vacation, a nondurable power of attorney is a great choice. It allows you to have someone step in and handle important legal, financial or business dealings in your absence. This may be something as simple as handling the sale of your car or as complex as handling the merger of businesses.

Once the specified transaction is completed, the nondurable power of attorney ends. You state on the non-durable power of attorney form exactly what duties the other person can complete. This limits their duties and protects your assets. Other non durable power of attorney forms set a time period in which the person will act as your attorney in fact. Time frame agreements are good when you are going to be in a rehab clinic for a few weeks or months and want time to adjust once you return. Most nondurable power of attorney terms last six months, though you can make it shorter or longer as necessary.

How to Choose Your Agent in Fact

When creating a nondurable power of attorney, choose the agent wisely. You should consider their financial know-how. The person in control of your finances should be able to make decisions rationally and not act on an impulse.

If you choose a friend or family member to act as your non durable power of attorney agent, unless you've agreed to pay them, they're doing this for free. Make sure they are comfortable with that and not likely to become bitter. Often the duties a person does while they hold power of attorney go beyond what they may have realized. They may feel they made a mistake and then become upset that they are getting nothing out of it. Be very sure the person you pick is certain they know what they are getting into and will be comfortable with the terms.

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