When you create durable power of attorney in Missouri, you can appoint another person (agent) to become your legal representative. Depending on the conditions of your estate planning document, your agent can be authorized to manage your health care and/or financial affairs.
To help provide a better understanding of this topic, here are two essential details about a durable power of attorney (POA) that you should know about:
What is a durable POA?
Under Missouri law, any competent adult can create a durable POA for their:
- Personal financial decisions
- Health care decisions
- Both personal financial decisions and health care decisions
In the event of your incapacity or disability, your agent shall have legal authority to manage your affairs for you. Depending on the terms of your POA, your agent can:
- Manage your bank accounts
- Manage your government benefits
- Oversee your life insurance policies
- Complete your real estate transactions
- Choose your health care providers
- Access your medical reports
- Be responsible for your medical decisions
Since this person is your legal representative, they also have the power to review and sign your legal documents.
How can I create a durable POA?
To create a durable POA in Missouri, you must be at least 18 years old and of sound mind. After drafting your document, you must sign it in the presence of two non-blood, adult witnesses and a notary public.
While your durable POA is valid in other states on a temporary basis, a change in your residency must warrant the creation of a new document that your new state recognizes.
By understanding your rights as the principal of your durable POA, you can make informed decisions that can accommodate your financial and/or medical needs for the future.