DURABLE FINANCIAL POWER OF ATTORNEY
A durable financial power of attorney is an instrument in which you designate another person to act on your behalf. If you become unable to manage your own financial affairs, your agent can use the power of attorney to pay your bills, manage investments, and prevent the waste of your assets. Without a financial power of attorney, no one may be able to access your bank account, securities, or any other property in your name without lengthy and costly legal proceedings.
The power of attorney can be effective immediately upon its execution, or it can be triggered by an event such as incapacity. A financial power of attorney is “durable” because it survives disability.
Depending on the options you choose, your agent can also work with your financial advisor, help apply for benefits, and make long-term care arrangements for you.
Contact the attorneys at Abendroth Russell Barnett Law Firm to help draft a durable financial power of attorney.