Durable Financial Power of Attorney

A well-drafted durable financial power of attorney may grant to your agent all the authority to manage your property that you currently have.  If the power is “durable”, the agent will continue to have authority during any period that you are incapacitated.  Your agent should account to you periodically for actions taken on your behalf, and may be required to account to those persons who will inherit your estate upon your death, such as a spouse or adult children. A limited power of attorney restricts your agent’s authority to specific property or transactions, such as a real estate settlement. 

A financial power of attorney may grant the authority to:

  • Buy, sell or encumber property, including real estate
  • Conduct bank and brokerage account transactions
  • Manage a business
  • Make gifts to certain persons or charities
  • Manage life insurance and retirement accounts
  • Obtain tax information and file taxes
  • Pursue claims and lawsuits on your behalf    

When Effective

Your financial power of attorney can grant authority to your agent immediately, when signed, or may grant authority only upon the occurrence of a future event, such as your inability to manage your financial affairs, as certified by your doctor.

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