Is there any difference between a Durable General Power of Attorney and a Durable Power of Attorney for Financial Management?

Asked over 1 year ago - Falls Church, VA

Of the ones I have seen, they both seem to contain essentially the same language and convey the same powers.

Attorney answers (3)

  1. Evan H Farr

    Pro

    Contributor Level 14

    4

    Lawyers agree

    Answered . The title does not matter -- only the content matters. It is important to understand that not all Power of Attorney documents are the same -- there are no "standard" forms. A Power of Attorney can be customized for every individual based on that individual's desires. From an Elder Law perspective, the most important provisions in a General Power of Attorney are "asset protection powers." These powers include, among other things, the ability of your agent to make unlimited gifts and the ability of your agent to establish, fund, and terminate all types of trusts, both revocable and irrevocable. These asset protection powers can be essential for implementing important asset protection strategies if you become disabled or need long-term nursing home care and want to avoid having to go broke paying for nursing home care.

    Most Power of Attorney "forms" that you will find on the internet or obtain as part of your basic estate planning done by an estate planning attorney or general practice attorney do NOT contain these vital asset protection powers. Typically these essential asset protection powers are provided only if you have your Power of Attorney prepared by an experienced Elder Law Attorney, preferably a Certified Elder Law Attorney.

    Evan H. Farr can be reached at 703-691-1888 or at http://www.farrlawfirm.com. Evan is Certified as an Elder Law... more
  2. Joseph Franklin Pippen Jr.

    Pro

    Contributor Level 20

    2

    Lawyers agree

    Answered . Every POA could be different irregardless of how it is titled.
    The title "financial"
    seems to indicate that it relates to just finacial
    matters whereas general would relate to all matters.
    Itis not the title that matters-just the content.
    You shouild tell your attorney what you want covered and the document
    will be custom drafted.
    They can be very board or very restrictive or somewhere in between.

    The answer given does not imply that an attorney-client relationship has been established and your best course of... more
  3. James P. Frederick

    Contributor Level 20

    2

    Lawyers agree

    Answered . I agree with Attorney Pippen. POA forms go by all kinds of different names and labels. It is the content of the form that matters. That is one reason why having these forms prepared by a lawyer is so important. Forms that do not contain the correct provisions under applicable state law may not be honored. Some states have statutory POA forms, as well.

    James Frederick

    ***Please be sure to mark if you find the answer "helpful" or a "best" answer. Thank you! I hope this helps. ******... more

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