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Durable Power of Attorney for finances -- or Financial Power of Attorney -- is a
simple, inexpensive, and reliable way to arrange for someone to manage your
finances if you become unable to do so yourself.
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Financial Power of Attorney is a powerful legal document to have.
It can be a great blessing for your family. If you become incapacitated (unable
to make decisions for yourself) and you haven’t prepared a
Durable Power of Attorney, a court proceeding is inescapable. Your
spouse, closest relatives, or companion will have to ask a court for the
authority to act on your behalf to handle your financial affairs.
If you do not have a
Financial Power of Attorney your spouse or loved ones may be forced to get a
court order granting them power to act on your behalf. As a conservator or
guardian you may be required to post a bond and report back to the court on a
regular basis. This entire process takes time and is costly.
Having answers to the following questions will provide you and your family with
peace of mind while completely eliminating these unnecessary expenses.
Do
you know who you want to make financial decisions for you, if you are unable to
do so on your own?
Have you granted that person the power, or are you going to leave it up to a
Court Justice?
