Durable General Power of Attorney

The Basics

Giving up control of your life is difficult. However, there comes a time, sometimes sooner than you expect, when you might need a little extra help from a trusted family member or friend. Oftentimes that comes in the form of forgetting to pay bills or failing to keep up with your own care and support. Cognitive decline certainly doesn't help either.

With a Durable General Power of Attorney, you (as the principal) can allow someone else (we at GoGo Estate call this person your "financial agent") to make important life decisions for you.

For those without a Durable General Power of Attorney, when life throws them a curveball with dementia or another sort of cognitive or physical decline, it becomes too late to grant someone else power to make decisions. These individuals have to go to court to obtain guardianship over the failing person, which limits the rights of the person over which guardianship is imposed. Durable General Powers of Attorney prevent the need for guardianship because they last from the moment you create them until your death, regardless of your incapacity.

The Details

Each GoGo Estate plan comes with a Durable General Power of Attorney. The primary decision that customers must make is who will serve as their financial agent. For married couples or those in domestic partnerships, your spouse or partner will automatically serve as your financial agent. For single people, you'll want to choose someone (either a friend or family member) that you trust to handle both financial and personal matters.

Once the financial agent is chosen, your finished Durable General Power of Attorney allows your financial agent to act on your behalf right away. Don't worry, though; you can override any decision that your financial agent makes while you have the capacity to do so.

The powers that are given to your financial agent include the power to:

1. Buy and sell real estate
2. Establish, maintain, and access bank accounts
3. Continue business operations
4. Manage loans
5. Make claims for government benefits
6. Manage and maintain retirement accounts
7. Provide for the payment and collection of insurance
8. Bring litigation on your behalf
9. Trade stocks
10. Pay your taxes
11. Manage your beneficiary designations (as long as they are in compliance with your general wishes and best interests)
12. Provide for your personal care and support
13. Pay for the cost of pets
14. Sign documents
15. Hire financial advisors and other important professionals

Third parties, such as financial institutions, can rely on the information provided to them by your financial agent so that they can seamlessly manage and assist in your financial wellbeing. But, if you override the your financial agent, or if your divorce your spouse or split up with your partner, the institution will be prohibited from following their orders upon notice from you.

Create a Durable General Power of Attorney

If you need a Durable General Power of Attorney by itself, you can purchase that through GoGo Estate with a Basic Plan. If, however, you want a more comprehensive plan, all of our other plans give you the power to create your own Durable General Power of Attorney. So, what are you waiting for?