Durable powers of attorney

State

States should expand laws on durable powers of attorney to: 

  • deter wrongdoing by agents, 
  • provide legal remedies for wrongdoing, and 
  • require third parties to accept them, consistent with the Uniform Power of Attorney Act. Third parties should not be subject to liability except for their own wrongdoing. These protections and remedies should be at least as stringent as those in the updated Uniform Power of Attorney Act. 

Financial institutions should establish procedures to make prompt decisions on whether to accept a power of attorney when one is presented.