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 legal capacity. Unlike a regular power of attorney, which is automatically revoked when the grantor loses decision-making ability, an enduring power of attorney remains in effect even after such loss of capacity.

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

The Difference Between Regular and Enduring Power of Attorney

A regular power of attorney is immediately revoked when the grantor loses legal capacity. In contrast, an enduring power of attorney remains valid and enforceable even after loss of capacity. This means the attorney-in-fact will be able to continue managing your finances, signing bank documents, making medical decisions, and managing your assets – all in accordance with your express 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 property and assets when you are unable to make decisions; (2) preventing complex and costly court proceedings; (3) ensuring your personal wishes are carried out, including medical decisions and asset management. Without an enduring power of attorney, the court may decide who will handle your affairs, and this may not always be in the way you intended.

The Process of Preparing a Continuing Power of Attorney – Steps and Your Rights

Preparing a continuing power of attorney requires an organized and lawful process. Attorney David Wasserman's Office guides you through every step, from the initial consultation and analysis of your needs, through legal committees and banking procedures.

Step 1: Legal Consultation and Analysis of Your Needs

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

Step 2: Selection of Attorney-in-Fact and Determination of Powers

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

Step 3: Document Preparation and Legal Review

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

Step 4: Signature Before Witnesses and Legal Acceptance

A continuing 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. Attorney David Wasserman's Office handles all technical details to prevent future complications.

Step 5: Registration with Banks and Relevant Authorities

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

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

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

Typical Cost Range in Israel

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

What Is Included in the Cost?

• Legal consultation: An in-depth discussion with an attorney regarding your needs and rights.
• Document preparation: Precise legal writing in accordance with statutory requirements.
• Witnessed signature: Arranging signature before witnesses or a notary public.
• Bank communication: Notification to the bank and relevant entities regarding the durable power of attorney.

Durable Power of Attorney at the Bank – Additional Requirements

Banks in Israel, including Yaad Sarah, require specific documents when registering a durable power of attorney. These banks may require medical certification of competency, additional identity verification of the principal, and a specific "power of attorney declaration." Additional banking fees may range from ₪200–₪500 per bank.

Durable Power of Attorney Price at Yaad Sarah

Yaad Sarah, like other banks, requires clear and signed legal documents to accept a durable power of attorney. The cost of preparing a document that meets Yaad Sarah's requirements is generally included in the overall cost of the durable power of attorney. Law Office of David Wasserman handles all bank communications on your behalf.

Bar Association Recommended Price

The Israel Bar Association sets a recommended price table for legal services, including durable power of attorney. If you prefer an attorney who operates according to the recommended price table, the Law Office of David Wasserman 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.

Selecting 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 have absolute trust in, who has the ability to make decisions and has no conflicts of interest. David Wasserman Law Office helps you think deeply about this choice.

Unclear or Partial 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? David Wasserman Law Office ensures there are no questions.

Failure to Register with Relevant Bodies

Signing an enduring power of attorney is not sufficient in itself. You must notify banks, insurance companies and other organizations. If you do not do this, 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 the power of attorney. An outdated document may cause problems later. David Wasserman Law Office will help you update the document when necessary.

Overly Restricted Enduring Power of Attorney

Sometimes people restrict the powers they give to the attorney-in-fact out of fear of exploitation. However, if the powers are too restricted, the attorney-in-fact will not be able to handle urgent matters when needed. David Wasserman Law Office helps you find the right balance between protection and flexibility.