Question: What is a Durable Power of Attorney for Finances?

The Sauk Prairie Eagle – Ask The Professional Column.  (Jared Walker Smith)

Answer:  A durable power of attorney allows you to designate another person, such as a trusted family member, to act for you in financial matters. What acts your agent can take depend on what authorizations you provide in the document. Typical authorizations include but are not limited to buying or selling property, signing legal documents, writing checks, and accessing accounts. You can allow your durable power of attorney to be effective immediately or else become effective at a later date or event, such as your incapacity. An agent under your durable power of attorney can only act during your lifetime. If you want the agent or a different person to handle your estate after you die, you will need to make that nomination in your will. Because of the broad acts your agent can take, it is essential that you choose your primary agent and successor agents carefully. For more information on the creation or effect of a power of attorney, please see a qualified attorney. In the next article, I will discuss when and how your agent’s authority terminates.

Disclaimer: The above information is provided as general information, not as legal advice, and does not create an attorney client relationship. Before making any decisions regarding legal matters, individuals should consult with a qualified attorney.

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