A durable power of attorney is a legal document that enables a person (the principal) to benefit from the authority of another person (the agent) even if the principal has lost capacity or legal competence. Unlike an ordinary power of attorney, which terminates when the principal becomes incapacitated, a durable power of attorney remains valid and enables continuous management of financial matters, property, and banking affairs.

In recent times, many companies, financial institutions, and government bodies require themselves to obtain a durable power of attorney executed with full legal validity. This is precisely what makes the process critical and requires guidance from an experienced attorney.

Why do offices and banks require a durable power of attorney?

A durable power of attorney provides legal protection to entities making decisions on your behalf. They verify that the agent has legal authority to act, which prevents fraud and family disputes in the future. Banks, for example, require this legal certification before allowing an agent to access bank accounts or conduct financial transactions on behalf of the principal.

In the field of wills and estates, a durable power of attorney is often part of a comprehensive estate plan that protects family members and ensures compliance with laws regarding asset distribution.

Examples of use of a durable power of attorney

• Management of financial assets: When a principal is unable to personally manage bank accounts, investments, or real estate.
• Medical care and decision-making: With advance consent, an agent may make medical decisions on behalf of the principal.
• Legal and contractual matters: Signing contracts, financial commitments, and handling legal claims.
• Management of charitable giving and handling assets abroad: A durable power of attorney enables management of assets abroad and handling of legal proceedings abroad on behalf of the principal.

The process of submitting a durable power of attorney requires careful planning, understanding of legal requirements, and precise documentation. Our firm guides you through every step to ensure that the document is valid, legally binding, and accepted by banks, government agencies, and other entities.

Step 1: Initial Legal Assessment

At this stage, we conduct a detailed interview with you to understand your legal and financial needs. We ask: Who will be the agent? Which matters will require management? Are there any special family or statutory requirements? Based on your answers, we plan the power of attorney that best suits your needs.

Step 2: Preparation of the Legal Document

Our attorney prepares the power of attorney document in accordance with Israeli law requirements and the specific requirements of the entities that will need to accept it (banks, government offices, courts). The document must be clear, precise, and leave no room for different interpretations.

Step 3: Legal Review and Revisions

Before final execution, we carefully review the document to ensure it meets all legal requirements. We verify that precise legal language is used, that powers are clearly defined, and that there are no gaps or ambiguities that could lead to future problems.

Step 4: Execution Before a Legal Witness

A durable power of attorney must be signed in the presence of a legal witness (often an attorney or notary) to ensure its validity. We organize the meeting, ensure all parties are present, and confirm that the execution complies with legal requirements.

Step 5: Filing and Acceptance by External Entities

After execution, we assist in filing the power of attorney with banks, government offices, and other entities that will need to accept it. Each entity may have its own unique requirements, and we ensure that the document is accepted throughout the country.

The cost of durable power of attorney depends on several factors, including the complexity of the document, the number of representatives, and whether there are special family or financial requirements. Below are typical price ranges in Israel:

Durable Power of Attorney Price — What's Included?

Durable power of attorney pricing typically includes: preparation of the legal document, personal legal advice, legal review, organization of signature execution in the presence of a legal witness, and assistance in filing the document with external bodies. In some cases, additional costs apply for services such as translation into other languages or handling of foreign assets.

Recommended Durable Power of Attorney Price

The Israeli Bar Association publishes recommended prices for legal services, including durable power of attorney. However, the actual price may vary depending on factors such as your office location, case complexity, and your agreement with the attorney.

Typically, the basic cost for a simple durable power of attorney ranges from 800–1,500 shekels. However, if there are special requirements (such as foreign asset management, durable power of attorney for bank transactions, complex transactions, or durable power of attorney Yad Sarah), the cost may be higher.

Durable Power of Attorney for Bank — Requirements and Obligations

Banks in Israel require a durable power of attorney in their specific format to ensure that the representative can access bank accounts, conduct financial transactions, and handle banking matters. Each bank may have its own unique requirements, and we ensure that your document meets all requirements of your bank.

Durable Power of Attorney Yad Sarah

Yad Sarah is a vital organization in Israel that handles assets of individuals who cannot manage them independently. If you need a durable power of attorney for Yad Sarah, we ensure that the document meets the organization's special requirements and that your representative can legally act on your behalf.

Durable power of attorney is an essential tool in various scenarios. Below is a comparison of different scenarios in which durable power of attorney is the right choice:

Each scenario requires different customization of the power of attorney and unique legal requirements. Our firm tailors the document to your specific needs to ensure it meets all legal requirements and functions as intended in the future.