A Durable Power of Attorney for Finances is an important aspect of estate planning. Sometimes an unexpected life event happens leaving a person temporarily or permanently incapacitated. This important document will make sure your personal affairs will continue to be property handled without the necessity and cost of court intervention.
A Durable Power of Attorney for finances is an inexpensive, reliable legal document. In it, you name someone who will make your financial decisions for you if you become unable to do so yourself. If you ever do become incapacitated, the Durable Power of Attorney will likely appear as a minor miracle to those who are close to you. You can give your attorney-in-fact authority to do some or all of the following:
You can tailor your Durable Power of Attorney for finances to fit your needs by choosing which powers you grant and by placing certain conditions and restrictions upon the attorney-in-fact. For example, you can give your attorney-in-fact authority over your real estate, with the express restriction that your house may not be sold.
A Durable Power of Attorney does have limitations and restrictions. Here are some things a Durable Power of Attorney cannot authorize your agent:
Your Durable Power of Attorney is an important document in your esate plan. As such, it is essential that the document is properly prepared and valid. If you search the internet you can probably buy or download a generic power of attorney template. However, if you do, be aware it may not comply with your state’s requirements and it could be out-of-date. Investopedia warns, “this document may be too important to leave to the chance that you got the correct form and handled it properly.” A legal document assistant can prepare your durable power of attorney for a fraction of the cost an attorney will charge. Using a legal document assistant for this important task will ensure your durable power of attorney will serve its intended purpose.