Understanding the Importance of a Durable Power of Attorney
A durable power of attorney (POA) is one of the most important estate planning documents you can have. It gives someone you trust — known as your agent — the legal authority to make financial and personal decisions on your behalf if you become incapacitated.
Without a POA, your loved ones may not have the authority to act for you. In that case, they may need to go through a court process to have a guardian or conservator appointed — a time-consuming and expensive ordeal.
While durable powers of attorney are common, they’re also widely misunderstood. Let’s clear up a few misconceptions and explain why having a properly drafted, up-to-date POA is essential to your peace of mind and financial security.
Misconception #1:
“I don’t need an attorney — I can just create a power of attorney online.”
Truth:
While online forms are convenient, POAs are not one-size-fits-all. Each person’s situation, finances, and goals are unique. A generic form may not include the language necessary for specific transactions — such as managing retirement accounts, selling real estate, or handling business matters.
Working with an elder law attorney ensures your POA meets Maine’s legal requirements and provides the exact powers your agent may need. Attorneys who prepare these documents regularly can also help you avoid costly mistakes or invalid provisions.
Misconception #2:
“Once I sign a POA, I never need to update it.”
Truth:
A power of attorney should be reviewed and updated regularly. Laws and financial institution policies change, and an outdated POA may not be accepted. Some banks, title companies, and investment firms reject POAs that are more than a few years old to reduce their liability risk.
Regularly updating your POA — ideally every three to five years or after major life events — helps ensure your document remains valid and your chosen agent can act without delay.
Misconception #3:
“I should wait to make my POA effective until I’m declared incompetent (a ‘springing’ POA).”
Truth:
Although the timing of your POA’s effectiveness is a personal decision, many attorneys recommend making it effective immediately. A “springing” POA requires at least one — sometimes two — physicians to certify your incapacity before it can take effect.
In an emergency, that can cause serious delays if a doctor is unavailable or unwilling to sign off. By making your POA effective immediately, you ensure your agent can act on your behalf the moment it’s needed — no medical verification required.
Misconception #4:
“I’m young and healthy — I don’t need a power of attorney.”
Truth:
Every adult over age 18 should have a power of attorney. Accidents and unexpected illnesses can happen to anyone. Without a POA, no one — not even your spouse or parents — can automatically handle your financial or legal affairs.
In those situations, your loved ones would have to petition the court to be appointed as your guardian or conservator, which can be stressful, expensive, and time-consuming. A POA gives you control over who will make decisions if you cannot.
Why You Need a Durable Power of Attorney
A well-crafted durable power of attorney provides peace of mind, protects your finances, and spares your family unnecessary hardship. It’s a cornerstone of any solid estate plan — whether you’re 25 or 85.
Consulting an elder law attorney ensures your POA is tailored to your situation, compliant with current laws, and kept up to date as your life changes.
If you’d like to discuss creating or updating your power of attorney, our team is here to help.
📞 Call (207) 848-5600 or visit our Contact Page to schedule a consultation with Aging in Maine | Kevin W. Weatherbee Law Offices, PLLC.
