About
A financial durable power of attorney is the document where you state who will be your “attorney-in-fact” and make financial decisions for you if you become disabled. In this context, “disabled” means that a doctor has made a written statement that you are unable to manage your financial affairs. Only upon this determination would your attorney-in-fact have the authority to make decisions for you.
• Opening or closing bank accounts
• Paying your bills
• Filing your tax returns
• Accessing your safe deposit box
• Making gifts that are consistent with previous gifts you’ve made
• Selling your home, if necessary
• Buying or renting a home for you
• Working with your financial advisor or CPA
If you do not have a power of attorney and become disabled, you will likely have to go through a guardianship, which is the court process to appoint a decision-maker (guardian) for you. A guardianship can be very expensive, time-consuming, and can seriously limit your legal rights. In other words, a power of attorney helps you and your family avoid a guardianship.
Protect your finances before you need to
Give someone you trust the authority to manage your money, pay bills, and handle financial matters on your behalf.