Durable Power of Attorney-Financial

A Durable Power of Attorney-Financial is a legal document that allows the person you designate to handle your financial affairs should you be unable to handle them yourself.   This can be as simple as paying your daily bills or selling your home. This document is only valid while you are alive. 

What if I don’t have a Durable Power of Attorney for Financial?

If you do not have a Durable Power of Attorney for Financial and are unable to handle your financial affairs, the court must appoint a conservator. A conservator is appointed by the court after it is found that a person does not have the capacity to manage his or her finances, such as balancing his or her checkbook. The conservator must report to and seek approval from the court for expenditures. This is an expensive and cumbersome process that can be avoided with a Durable Power of Attorney for Finances.