What is a Durable Power of Attorney for assets?
By giving another person your “Power of Attorney,” you authorize him or her to sign your name and take other actions for you concerning your assets. A “Durable” Power of Attorney remains effective even if you become incapacitated. Typically, a Durable Power of Attorney only becomes effective when you are no longer able to handle your own affairs, although it can become effective any time you choose. There are some assets (like social security benefits or retirement accounts) that you cannot assign to a Revocable Trust. There are other assets that you may simply forget to transfer to your Trust. Therefore, a Durable Power of Attorney is important if you want to avoid a conservatorship.
