One myth is your power of attorney can manage or transfer ownership of your assets once you die. That is not true, however! Your power of attorney becomes invalid once you die, and your agent loses all rights to manage your assets. In this instance, your individual assets may have to go through the probate process. A durable power of attorney also ends if:
- You revoke it. This is possible as long as you are mentally competent.
- You amend or make a new power of attorney. For example, to remove your spouse as your power of attorney if you are getting a divorce.
- A court invalidates your document. This happens on very rare occasions and could occur if the court decides you were mentally incapacitated when you signed it or if the document itself does not meet the legal requirements.
Hire an experienced attorney to prepare the Power of Attorney. They should be able to help you understand every aspect of the process.