Durable Power of Attorney is an essential legal document that enables you to transfer legal powers to a person of your choice (the attorney-in-fact) even if you lose your decision-making capacity due to illness, accident, or advanced age. Unlike a regular power of attorney, which becomes void when you lose capacity, a durable power of attorney remains in effect precisely when you need it most.

In recent times, families in Israel increasingly understand the importance of advance legal planning. A durable power of attorney is not only for the elderly — it is a smart protection tool for all ages, especially if you have assets, bank accounts, or if you want to ensure that someone you trust can handle your affairs in an emergency.

Durable Power of Attorney — What Exactly Is It?

A durable power of attorney is a legal directive you give yourself, when you have full decision-making capacity, to a trusted person (or more than one person) who can act on your behalf even if you lose the ability to make decisions. It differs from guardianship, which is the imposition of powers by a court when you have already lost decision-making capacity.

The attorney-in-fact can handle financial matters (bank accounts, investments, property), medical matters (medical treatment decisions), or both. You can also limit their powers and provide specific instructions on how to use them.

Durable Power of Attorney at Banks — Requirements and Procedure

Banks in Israel require a durable power of attorney in a specific format in order to recognize it. You need to ensure that the document meets the standards of the Bank of Israel and that it is properly translated into Hebrew if signed abroad. Experienced law offices such as David Wasserman's Law Office know exactly which requirements each bank requires, so that your document is immediately enforceable without delays.

Durable Power of Attorney and Will — Important Differences

A durable power of attorney and a will (a converting arrangement that operates only upon death) are two completely different legal tools. A will determines who will handle your assets after your death, while a durable power of attorney takes effect during your lifetime, when you need assistance. Many choose both as part of a comprehensive bypass legal plan.

To ensure that your legal tools work together without contradictions, it is important to consult with an experienced attorney who understands the full picture of your family and needs.

The price of enduring power of attorney in Israel depends on several factors: document complexity, number of attorneys-in-fact, specific instructions you wish to include, and the experience of the law firm. recommended price for enduring power of attorney according to the Israel Bar Association varies with market conditions, but typically falls within a reasonable range that reflects the complexity of the work.

Enduring Power of Attorney Price — What Affects the Cost?

• Complexity of your family situation: Simple family structure = lower cost; family with complex assets, business partnerships, or married children = higher cost.
• Number of attorneys-in-fact: If you appoint one person, it is simpler; if two or three with specific instructions, it requires more work.
• Scope of powers: Limited enduring power of attorney (bank funds only, for example) is less expensive than comprehensive enduring power of attorney (funds, property, medical decisions).
• Law firm experience: A specialized boutique firm in this area will provide deep consultation and accurate document preparation, although this cost may be higher than a general practitioner.
• Government database registration and promotion: If you want the document to be immediately effective in banks and institutions, official registration may be required, adding to the cost.

Typically, law firms will offer you a fixed fee for basic enduring power of attorney, and higher cost packages for complex cases or those requiring extensive consultation.