Enduring Power of Attorney – What Exactly Is It?

An enduring power of attorney is a legal document that allows you to transfer legal and banking powers to another representative (known as an "attorney-in-fact") in the event you lose your decision-making capacity. Unlike an ordinary power of attorney, which automatically terminates when the grantor loses their ability to make decisions, an enduring power of attorney remains valid even after such loss of capacity.

This is one of the most important tools in family and estate planning, especially for senior citizens or those with health concerns. An enduring power of attorney protects your assets, medical decisions, and the management of financial matters when you are unable to decide for yourself.

The Difference Between an Ordinary Power of Attorney and an Enduring Power of Attorney

An ordinary power of attorney terminates immediately when the grantor loses decision-making capacity. In contrast, an enduring power of attorney (Enduring Power of Attorney) remains valid and enforceable even after such loss of capacity. This means that the attorney-in-fact will be able to continue managing your finances, signing documents at the bank, making medical treatment decisions, and managing your assets – all in accordance with your explicit wishes set out in advance.

Why Is an Enduring Power of Attorney Important?

In recent times, awareness of the importance of advance family planning has grown. An enduring power of attorney serves three main purposes: (1) protecting your assets and property when you are unable to decide; (2) preventing complicated and costly court proceedings; (3) ensuring that your personal wishes are carried out, including medical decisions and asset management. Without an enduring power of attorney, the court may decide who will manage your affairs, and this may not always happen in the way you intended.

Process of Preparing a Durable Power of Attorney – Steps and Your Rights

Preparing a durable power of attorney requires an organized and lawful process. David Wasserman Law Office accompanies you at every stage, from the initial consultation and analysis of your needs, through judicial committees and banking procedures.

Step 1: Legal Consultation and Analysis of Your Needs

In the first stage, we sit down with you for an in-depth discussion. We listen to your situation, your concerns, your assets, and the potential agents you have chosen. This is not a quick meeting – it is an opportunity to understand your unique situation and plan legal tools that suit you.

Step 2: Selection of Agent and Determination of Powers

You must decide who will be your agent – a family member, close friend, or even a managed institution. You must determine precisely which powers you will transfer to them: only financial matters, or also medical decisions? David Wasserman Law Office helps you ensure that the choice is safe and the powers are defined clearly.

Step 3: Document Preparation and Legal Review

We prepare the durable power of attorney document in accordance with legal requirements. The document must be clear, precise, and unambiguous, as banks and courts examine it with a critical eye. We ensure that every detail – from financial rights to health decisions – is protected and lawful.

Step 4: Signing with Witnesses and Legal Acceptance

Durable power of attorney must be signed before witnesses (typically an attorney and a notary) and sometimes under legal supervision. Requirements vary depending on the subject matter of the powers. David Wasserman Law Office handles all technical details to prevent problems in the future.

Step 5: Registration with Banks and Relevant Entities

After signing, you must notify banks, insurance companies, and other entities that a durable power of attorney is in effect. Banks in Israel, including Yad Sarah and other banking institutions, require specific documents and conduct their own review. We handle this communication for you.

Enduring Power of Attorney Price – How Much Does It Cost?

An important question that most of our clients ask is: How much does an enduring power of attorney cost? The answer depends on the complexity of the case, the number of assets, the type of authorities, and whether bank registration is required.

Typical Cost Range in Israel

The Israeli Bar Association sets a recommended price for an enduring power of attorney. Generally, the cost of preparing a basic enduring power of attorney ranges from ₪800 to ₪2,500, depending on complexity. If there are medical authorities, if assets are complex, or if special banking arrangements are required, the cost may be higher.

What Is Included in the Cost?

• Legal Consultation: An in-depth discussion with a lawyer regarding your needs and rights.
• Document Preparation: Precise legal writing in accordance with legal requirements.
• Signature by Witnesses: Arranging signatures before witnesses or a legal authority.
• Banking Communication: Notifying the bank and relevant entities of the enduring power of attorney.

Enduring Power of Attorney at the Bank – Additional Requirements

Banks in Israel, including Yad Sarah, require specific documents when registering an enduring power of attorney. These banks may require medical certification of mental capacity, an additional identity check of the attorney-in-fact, and a specific "power statement." Additional banking fees may range from ₪200–₪500 per bank.

Yad Sarah Enduring Power of Attorney Price

Yad Sarah, like other banks, requires clear and signed legal documents to accept an enduring power of attorney. The cost for preparing a document that complies with Yad Sarah's requirements is typically included in the overall cost of the enduring power of attorney. David Wasserman Law Firm handles all communication with the bank on your behalf.

Recommended Price by the Bar Association

The Israeli Bar Association sets a recommended price table for legal services, including enduring power of attorney. If you prefer a lawyer who works according to the recommended price table, David Wasserman Law Firm is at your service with complete transparency and in accordance with professional standards.

Risks and Common Mistakes in Enduring Power of Attorney

Despite the importance of enduring power of attorney, there are common mistakes people make. We explain them so you can avoid them.

Choosing an Unsuitable Attorney-in-Fact

The most common mistake is choosing an attorney-in-fact who is unreliable or incapable of handling financial matters. It is important to choose a person you trust completely, who has the ability to make decisions and has no conflicts of interest. Attorney David Wasserman's Office helps you think deeply about this choice.

Unclear or Incomplete Powers

If a power of attorney document does not clearly define which powers the attorney-in-fact has, banks and courts may reject it. It is important that the document be precise and comprehensive – only financial powers? Medical decisions as well? Attorney David Wasserman's Office ensures there are no questions.

Failure to Register with Relevant Bodies

Signing an enduring power of attorney is not sufficient by itself. You must notify banks, insurance companies and other entities. If you do not do so, the attorney-in-fact will not be able to act when needed. We handle all registrations for you.

Outdated Enduring Power of Attorney

If your assets have changed significantly, or if your representative is no longer suitable, it is important to update your power of attorney. An outdated document may cause problems later. Attorney David Wasserman's Office will help you update the document when necessary.

Enduring Power of Attorney that is Too Restrictive

Sometimes people limit the powers they give to their attorney-in-fact too much, for fear of exploitation. However, if the powers are too limited, the attorney-in-fact will not be able to handle urgent matters when needed. Attorney David Wasserman's Office helps you find the right balance between protection and flexibility.