What is a Durable Power of Attorney for Finances?
A durable power of attorney is a written legal document that gives another person the right and authority to act on your behalf in the event that you become incapacitated. You can specify any and all financial actions that you do and do not wish your attorney-in-fact to be able to take within the durable power of attorney. Generally, an attorney in-fact has at least the authority to handle all regular financial matters, such as the payment of household bills and depositing checks. If you become unable to handle your own finances and have not prepared such a document, your spouse or closest relatives will have to ask a court for authority over your financial affairs. This procedure can be quite time consuming and expensive.
