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If I give my agent immediate powers, do I forfeit all rights to make financial decisions?

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If I give my agent immediate powers, do I forfeit all rights to make financial decisions?

Question: If I give my agent immediate powers, do I forfeit all rights to make financial decisions?

Answer: You may give your agent immediate powers and you do so by giving your agent the durable power of attorney. What that means is that the agent can act on your behalf; however you do not surrender any rights to act on your own behalf while this power of attorney is pending. A lot of time we will use a springing power of attorney that the power of attorney only springs into action when doctors have determined that you’re medically disabled or incompetent to handle your financial affairs, that’s normally what we would do if we want to try to limit the ability of the person to take action on your behalf. We would only limit their ability to do so when you have medical and healthcare problems.


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