Durable Financial Power of Attorney

A durable financial power of attorney is a way to allow someone else to manage your finances in the event you are unable to manage your finances yourself. The person you grant as your financial power of attorney is often referred to as your “agent”.  The power to make these decisions for you is given to your designated agent in a legal document. A financial power of attorney is not only useful for you, but can help your family during this sensitive time as well.

WHAT CAN YOUR FINANCIAL AGENT DO?

What your financial agent can and cannot due is up to you. When deciding these limits, you should consider the tasks you would like your agent to perform.  These tasks may include:

  • Accessing financial records

  • Buying insurance

  • Collecting retirement benefits

  • Investing on your behalf

  • Managing real estate assets

  • Operating your small business

  • Paying your bills

  • Paying your taxes

  • Transferring, selling, and/or buying assets

MORE ABOUT A FINANCIAL POWER OF ATTORNEY:

A financial power of attorney generally goes into effect when it is signed. However, another option is to create a “springing” financial power of attorney. This means the power is not granted to your agent until you are incapacitated.  

The financial power of attorney automatically ends upon death.  Financial matters after your death, will then be in the hands of the named executor in your will.  Other ways your financial power of attorney can be extinguished include divorce, the event your named agent is unavailable or revocation. Because of the number of ways your agent’s power may terminate, it is helpful to name an alternate agent.

Durable Financial Power of Attorney | Estate Planning

Durable Financial Power of Attorney | Estate Planning

Estate planning process:

A durable financial power of attorney is an important part of the estate planning process. If you’ve been wondering when the best time to create your estate plan, the answer is now. Estate planning allows you to create a comprehensive plan to accomplish your goals and give you peace of mind. 

The Estate Planning attorneys at Tyler Allen Law Firm work extensively with all matters of estate planning and can answer questions you have regarding this complex area of law.  With your desires in mind, you and your attorney will carefully consider and review your estate and come up with a plan that gives you control over your legacy. Contact the Tyler Allen Law Firm by filling out the form on this page or calling us at (602) 456-0545. We’re here to help.


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For more information about your legal rights or to discuss the facts of your legal claim, contact Tyler Allen Law Firm, PLLC for a legal consultation.