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Under the
Indiana Powers of Attorney Act, a person may authorize another person
though a Power of Attorney to act in any or all of the following areas:
The person you appoint should
be someone you trust. He or she does not have to be an attorney,
even though the legal term for the person you appoint is “attorney in
fact.” A Power of Attorney must be in writing and signed in the
presence of a notary public.
What is a “Durable” Power of Attorney?
Traditionally, a Power of Attorney terminated if the
person giving the Power of Attorney later became incompetent or
disabled. If, however, the Power of Attorney is made
“durable,” by complying with requirements of the Indiana Powers of
Attorney Act, the power of attorney will not terminate if the person
granting the power of attorney later becomes incompetent or disabled.
A “Durable” Power of Attorney enables the person appointed to handle
the legal and financial affairs of a person who becomes incompetent or
disabled without having to obtain a court-appointed guardianship.
Without a Durable Power of Attorney, a court-appointed guardian must be
obtained to handle the legal and financial affairs of an incompetent or
disabled person. Obtaining a court-appointed guardian requires
filing a petition before the probate or juvenile court, a hearing on the
request, and continuous court involvement. A court-appointed
guardian must further petition the court for authority in order to pay
debts, transfer or manage assets or take any other actions on behalf of
the incompetent or disabled person. A court-appointed guardian
must also file an inventory of assets and file period accountings of all
earnings and disbursements with the court until either the incompetency
or disability is removed or until the person’s death. Thus a
Durable Power of Attorney is a simple and inexpensive way to avoid the
time, cost and continuous court involvement required in establishing a
court-appointed guardianship.
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