Epoq is not a law firm its document templates and legal information guides are not intended to provide legal advice or to be a substitute for the advice of an attorney. ( Epoq) and are subject to its terms of service and privacy policy. The document preparation services and legal information guides on this website are offered by Epoq, Inc. Our legal forms are not intended to provide legal advice or substitute for the advice of an attorney. It is very important that you review the powers granted under this power of attorney document, understand the extent of the powers that are granted, and agree that this document is consistent with your wishes before signing it. The powers granted to your attorneys-in-fact/agent under this document are broad and sweeping. Your attorneys-in-fact/agents would have the power under this document to access your bank accounts to make payments on your behalf, sell property, and many other things which may all be necessary to pay for your care, support your family, and preserve your estate if you are unable to do so yourself. This person essentially steps into your shoes and can make all of the same decisions and do all the same things with regard to your property, and financial and/or business affairs that you could, as if you were physically present and doing it yourself.ĭurable Power of Attorney documents are very important estate planning tools that will help to prevent financial disaster if you ever become incapacitated and cannot handle your own financial affairs. The person you name to handle your financial affairs is called an "attorney-in-fact'' or ''agent" (depending on your state). It is called "durable" because it remains valid even if you become incapacitated. Be aware: A bank power of attorney may apply only to accounts at that bank, so a broader power of attorney is a more useful instrument.A Durable Power of Attorney is a type of power of attorney that allows you to name someone other than yourself to handle financial affairs on your behalf, should you become incapacitated. In addition, some banks and financial institutions have their own power of attorney forms, and filling them out will help the attorney-in-fact carry out simple transactions smoothly. You or the senior also may file a copy with the county clerk's office or the local agency that governs land sales to make sure no problems arise with real estate transactions. Some states also mandate notarized signatures from one witness or more, and several states require a power of attorney to be filed with a state office. The senior or disabled person must sign the forms in the presence of a notary public. You can seek a lawyer's help to clarify complicated provisions. Each state has specific laws regarding powers of attorney that must be observed. Simple, fill-in-the-blank forms are readily available from books, computer software kits and Internet sites. How can I help put a power of attorney into place? The proceedings take time and money, and because they're open to the public, non-family members might learn intimate details about the person's medical condition and finances. Bills always need to be paid, and the existence of a durable power of attorney will keep caregivers and family from having to go to court to obtain a guardianship or conservatorship to take care of business. Seniors and people with disabilities should have a durable power of attorney regardless of their financial status. "Durable" means it remains in effect after people no longer can act on their own behalf. The power of attorney can take effect immediately or at a future date. This can be a general power of attorney, which gives the attorney-in-fact the legal ability to take care of all financial concerns, or it can be a limited power of attorney restricted to fulfilling specific tasks, such as signing checks or managing stocks. Granting power of attorney for finances means authorizing a person - called an attorney-in-fact, even though the person does not have to be a lawyer - to make decisions about money matters. What is a power of attorney for finances?
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