Attorney-Approved Durable Power of Attorney Form for Missouri State

Many people have misunderstandings about the Missouri Durable Power of Attorney form. Here are seven common misconceptions:

1. It only applies to financial matters. Some believe that a Durable Power of Attorney is only for financial decisions. In reality, it can also cover healthcare decisions, depending on how it is drafted.
2. It becomes effective only when I am incapacitated. Many think that the document only takes effect when they can no longer make decisions. However, a Durable Power of Attorney can be effective immediately upon signing, unless specified otherwise.
3. My agent can do anything they want with my assets. While the agent has significant authority, they are required to act in your best interest and follow your wishes as outlined in the document.
4. I can’t change or revoke it once it’s created. This is false. You can change or revoke your Durable Power of Attorney at any time, as long as you are mentally competent to do so.
5. It’s only necessary for the elderly. Many associate this document solely with aging individuals. However, anyone can benefit from having a Durable Power of Attorney, especially if they anticipate future health issues or travel frequently.
6. It’s the same as a regular Power of Attorney. A Durable Power of Attorney remains effective even if you become incapacitated, while a regular Power of Attorney does not. This distinction is crucial.
7. I don’t need one if I have a will. A will only takes effect after death. A Durable Power of Attorney is essential for making decisions during your lifetime if you cannot do so yourself.

Understanding these misconceptions can help individuals make informed decisions about their legal documents and ensure their wishes are respected.

When filling out the Missouri Durable Power of Attorney form, it is important to approach the task with care and attention to detail. Here are some key points to consider:

• Do: Ensure that you clearly identify the person you are appointing as your agent. This should include their full name and address.
• Do: Specify the powers you wish to grant your agent. Be as detailed as possible to avoid any confusion later.
• Do: Sign and date the form in the presence of a notary public. This step is crucial for the document to be legally binding.
• Do: Keep a copy of the completed form for your records and provide a copy to your agent.

• Don't: Leave any sections of the form blank. Incomplete forms can lead to complications and may not be accepted.
• Don't: Use vague language when describing the powers you are granting. Clarity is essential to ensure your wishes are understood.
• Don't: Forget to discuss your decision with your chosen agent beforehand. They should be aware of their responsibilities.
• Don't: Assume that a verbal agreement is sufficient. Written documentation is necessary for legal purposes.

• General Power of Attorney: Similar to a Durable Power of Attorney, a General Power of Attorney allows an individual to appoint someone to manage their financial and legal affairs. However, it typically becomes invalid if the principal becomes incapacitated.
• Health Care Power of Attorney: This document designates someone to make medical decisions on behalf of the principal if they are unable to do so. Like a Durable Power of Attorney, it remains effective even if the principal becomes incapacitated.
• Living Will: A Living Will outlines an individual’s wishes regarding medical treatment and end-of-life care. While it doesn't appoint an agent, it complements the Health Care Power of Attorney by providing guidance on the principal's preferences.
• Financial Power of Attorney: This document is similar to a Durable Power of Attorney but focuses specifically on financial matters. It allows the appointed agent to handle financial transactions and obligations on behalf of the principal.
• Revocable Trust: A Revocable Trust allows an individual to place their assets into a trust, which can be managed by a trustee. While it serves a different purpose, both documents can provide for asset management and distribution in case of incapacity.
• Springing Power of Attorney: This type of power of attorney becomes effective only upon the principal's incapacitation. It shares similarities with the Durable Power of Attorney in that it remains valid during incapacity, but its activation is contingent on a specific event.