Estates, Gifts, And Trusts (EGT)

Durable Powers of Attorney (Portfolio 859)

  • This Portfolio reviews the legal basis of durable powers of attorney and discusses many aspects of their creation and use for disability planning.

Description

Bloomberg Tax Portfolio, Durable Powers of Attorney, No. 859, contains basic information on durable powers of attorney (DPAs) and discusses many aspects of their creation and use for disability planning. It provides a definition of the DPA and analyzes its development and evolution. Additionally, an overview of the Uniform Power of Attorney Act (“UPOAA”), promulgated in 2006 by the National Conference of Commissioners on Uniform State Laws, is presented throughout the Portfolio. The analysis includes an examination of the agent-principal relationship and provides a comparison of DPAs to revocable living trusts. Issues discussed in depth include legal capacity, selection of an agent, deterring abuse of the DPA, relationships of agent to guardian or conservator, obtaining third party acceptance of DPAs, the differences between unconditional and springing DPAs, and the form and execution of DPAs, as well as many other topics. In addition, practical advice is provided for attorneys concerning setting up a DPA drafting system and on the pricing of customized DPAs. The Portfolio includes extensive forms and practice insights which are intended to help practitioners implement the strategies and ideas of the text.

The Worksheets include a brochure describing DPAs to clients, sample letters to clients and their physicians and to agents, a DPA preparation checklist, samples of a general DPA and a special DPA, and other forms and aids.

This Portfolio may be cited as Hook, 859 T.M., Durable Powers of Attorney.

Table of Contents

I. Introduction
II. What Is a Durable Power of Attorney?
III. Comparison of DPAs and Revocable Living Trusts
IV. Relationship of Agent Under DPA to Guardian or Conservator
V. What Laws Should Be Considered in Drafting the Durable Power of Attorney?
VI. Does the Client Have the Legal Capacity to Execute a DPA?
VII. What Type of DPA Should be Used?
VIII. Should the DPA Be Effective Immediately or in the Future?
IX. Who Should Serve as Agent?
X. What Administrative Provisions Should Be Included in a DPA?
XI. Should the Principal Authorize the Agent to Make Gifts of the Principal’s Assets?
XII. What Authority Should Be Granted Concerning Trusts?
XIII. What Authority Should Be Included in the DPA Concerning Taxation?
XIV. Third Party Acceptance of the Agent’s Authority
XV. Deterring Abuse of the DPA
XVI. Customizing the DPA to Meet Client Needs and Preferences
XVII. Form and Execution
XVIII. Revocation or Termination of the Agent’s Authority
XIX. DPA Drafting System
XX. Reviewing DPAs for Third Parties
XXI. Conclusion

hook-andrew-2015
Andrew Hook
Attorney at Law
Hook Law Center
Top