DURABLE POWER OF ATTORNEY.
The Durable Power of Attorney is where you designate an agent to make financial decisions on your behalf.
The DPOA can grant the agent immediate power over your affairs or power that does not become effective unless you are deemed incapable. The more common version is the latter, many clients prefer control over their own accounts and would rather not grant authority before an emergency occurs. However, A DPOA granting immediate power can be helpful for those who want a loved one take care of their affairs in order to forego financial stressors later in life.
Clients who move or travel frequently might also consider a power of attorney to safeguard and grow their assets while away in another state or country. More commonly, clients seek to grant power that only goes into effect in the event of an emergency. With proper estate planning, loved ones will not have to struggle to make sure everyday bills and costs are taken care of. If an emergency does occur, the durable power of attorney ensures that care is taken, so that when the situation improves your family can resume normalcy with as little financial difficulty as possible.
What is a durable financial power of attorney?
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