Durable Power of Attorney : Financial


What is it?

A financial power of attorney is a written document in which you appoint a trusted agent to manage your financial transactions in the event you become incapacitated (are unable) or unwilling to manage your financial affairs for yourself. Incapacity usually occurs due to illness, accident, or elderly dementia. A power of attorney is now a vital part of any estate plan.

What does a financial power of attorney do? :

• Allows you to appoint a trusted person to manage your finances when you are incapable of doing it yourself, including things such as paying your mortgage and other bills, deposit/withdraw money from a bank account, signing your tax return or other legal documents

• Avoid having to go to court to have the court appoint a conservator in order to manage your financial affairs

Is a Financial Power of Attorney Needed if I Already Have a living trust? :

• Yes, although a successor trustee can manage the the assets within the living trust, a financial power of attorney is required to manage the large number of the other financial matters that occur outside the living trust. (Note: Often one person will be elected to be both the successor trustee under the living trust and the financial power of attorney.)

Here’s what you get for your Financial Power of Attorney:

• Consultation with experienced attorney who will advise you regarding the legal issues and answer all your questions and concerns.

• Preparation of your Financial Power of Attorney(signing and notarization)

• Estate Planning Binder for convenient storage of your estate planning documents