What is a Durable Power of Attorney and Why is it Important to You?

A durable power of attorney is a legal document that allows a person (the principal) to appoint a legal representative (the attorney-in-fact) to act on their behalf even if they lose their mental capacity or fall into a coma. It is an essential legal tool that differs from a regular power of attorney, which terminates when the person loses the ability to sign documents on their own.

In recent times, many families in Israel understand the importance of a durable power of attorney as part of strategic family planning. It provides peace of mind and assurance that, in the event of a crisis or health issue, there will be someone authorized to manage your financial affairs, property, and rights.

Durable Power of Attorney — What is it in Practice?

This is a legal document dedicated to protecting the principal's interests. When you sign a durable power of attorney, you give advance consent to your representative to act on your behalf even if you cannot express your wishes yourself. Unlike a regular power of attorney, it does not terminate when you lose your mental capacity — it becomes active and essential at that very moment.

Law Office of David Vaserman specializes in preparing these documents consistently with Israeli law, while ensuring full protection of your rights. We guide you through every step — from choosing the right attorney-in-fact to registering the document with the relevant authorities.

Durable Power of Attorney Price — What to Expect?

The price of a durable power of attorney in Israel varies depending on the complexity of the case, the number of assets involved, and the arrangements required. Typically, law firms charge for a durable power of attorney a sum ranging from approximately 1,500 NIS to 4,000 NIS, depending on the depth of consultation and coordination with banking and government agencies. The Israel Bar Association publishes a recommended price, but the final price depends on the unique circumstances of each case.

At the Law Office of David Vaserman, we offer complete transparency in pricing. We explain to you first and foremost what is included in the cost, and we do not add hidden fees. During the initial free consultation, we assess the complexity of your case and provide you with a clear and competitive price quote.

Durable Power of Attorney Process — Step by Step

The process of issuing a durable power of attorney requires careful legal planning and precise execution. In this section, we will review the key steps you will go through when working with an experienced law firm like ours.

Step One: Initial Consultation and Needs Assessment

At the first meeting, we listen to your story, understand your personal, family, and financial situation, and identify your specific needs. Do you want the durable power of attorney to also cover real estate management? Do you have bank accounts abroad? Do you have an existing will that needs to be coordinated with it? All these questions help us plan the document accurately.

Step Two: Selection of the Attorney-in-Fact and Discussion of Powers

Together with you, we select the person who will be your attorney-in-fact. This can be a close family member, a trusted friend, or, in some cases, also a professional. We explain to you the powers granted to the attorney-in-fact — what he or she can do on your behalf and what cannot be done. This is very important to ensure that there will be no conflicts in the future.

Step Three: Document Preparation

We prepare the durable power of attorney document in accordance with Israeli law. The document must include clear details on the identity of the principal, the identity of the attorney-in-fact, the powers granted, and the terms of operation. We ensure that every word in the document is clear and unambiguous, to prevent future misunderstandings.

Step Four: Signature and Witnessing

Signing a durable power of attorney requires legal testimony — usually witnesses who are not family members. We arrange the meeting, ensure that the signature is executed in the presence of the witnesses, and all of this is properly documented. This is essential to the legal validity of the document.

Step Five: Submission of Documents to Banking and Government Entities

After signing, we submit the power of attorney to banks, relevant government entities, and any institution that needs to recognize it. This ensures that when your attorney-in-fact needs to act on your behalf, he or she will not encounter problems or unexpected additional requirements.

Step Six: Documentation and Document Management

We maintain a copy of the document in our files, and we provide you with original and certified copies. We also keep you informed of any changes in laws or regulatory requirements to ensure that your power of attorney remains valid and relevant.

Durable Power of Attorney at Bank — What You Need to Know?

Banks in Israel are among the most important entities that need to recognize your durable power of attorney. When you sign a durable power of attorney, it is very important to submit a copy of the document to every bank where you have an account.

Banks require a specific process: they want to be certain that your attorney-in-fact is a reliable person, that they have legal authority, and that they can manage your account. When you bring the durable power of attorney to the bank, they will typically request a certified copy of the document, an ID of the attorney-in-fact, and possibly additional documents to verify the signature.

Law Office of Attorney David Vasserman guides you at every step of the bank process. We know exactly what each bank requires, and we organize all the information to facilitate the process. This saves time and hassle, and ensures that your power of attorney is recognized quickly and without complications.

Practical Tips for Durable Power of Attorney at Bank

• Start Early: Do not wait until there is a health issue or crisis to submit your power of attorney to the bank. Do it now, while you have full mental capacity.
• Submit to Every Bank: If you have accounts at multiple banks, submit a durable power of attorney to each one separately. Each bank keeps its own copy.
• Notify the Bank: If you change your attorney-in-fact or revoke the power of attorney, make sure to notify the bank immediately.
• Keep Copies: Keep certified copies of your power of attorney at home, in digital format, and also with your attorney.

Continuing Power of Attorney and Yad Sarah — Differences and Connections

Yad Sarah Power of Attorney is a charitable program of the State of Israel that allows people of a certain age (typically 55 and older) to donate part of their assets to registered associations and enjoy tax benefits. When discussing continuing power of attorney and Yad Sarah, it is important to understand that these are two different things but can be related.

Continuing power of attorney is about managing your assets when you cannot do so yourself. Yad Sarah is about charitable donation of assets. If you want your attorney-in-fact to be able to manage your Yad Sarah donation (or any other charitable program), you can include this in his or her powers in the continuing power of attorney.

Law Office of Attorney David Wasserman can explain to you exactly how these two work together, and how to plan them so that it is harmonious and clear. We ensure that your donation to Yad Sarah is carried out in accordance with the law, and that your attorney-in-fact knows exactly what he or she needs to do.