What is a Durable Power of Attorney for Financial Management?
This document may be used to appoint an agent to manage your property or financial affairs if you become incapable of doing so. A power of attorney that lasts while you are incapacitated is known as a durable power of attorney; whereas a nondurable power of attorney expires when you, the principal, become incapacitated. A durable power of attorney is usually given to a spouse, close friend, or relative. The person that you give your power of attorney to should be someone you know and trust who is familiar with your wishes and is willing to accept the responsibility of making the decisions for you if you are incapacitated. The case of Terri Schiavo brought living wills and medical powers of attorney to the collective attention of the nation. Had a comprehensive estate plan been in place, her family would have been spared the trauma and conflict that was endured. Your estate plan can also help minimize any family dispute over your end of life wishes, prevent additional family stress, and
This document may be used to appoint an agent to manage your property or financial affairs if you become incapable of doing so. A power of attorney that lasts while you are incapacitated is known as a durable power of attorney; whereas a nondurable power of attorney expires when you, the principal, become incapacitated. A durable power of attorney is usually given to a spouse, close friend, or relative. The person that you give your power of attorney to should be someone you know and trust who is familiar with your wishes and is willing to accept the responsibility of making the decisions for you if you are incapacitated. The case of Terri Schiavo brought living wills and medical powers of attorney to the collective attention of the nation. Had a comprehensive estate plan been in place, her family would have been spared the trauma and conflict that was endured. Your estate plan can also help minimize any family dispute over your end of life wishes, prevent additional family stress, and
