A power of attorney appoints an agent to handle your financial affairs on your behalf during your life.

A financial durable power of attorney (POA) is a critical component of your estate planning package. If you suddenly become disabled or incapacitated, someone needs to be able to access your bank accounts, manage your investments, communicate with your mortgage broker, etc. Without a POA, banks and other institutions will be reluctant or unwilling to act on that person’s directions. Additionally, your family may need to have a court-supervised guardian appointed to manage your affairs, which is an expensive and inconvenient process that can be avoided with a valid POA.

Your power of attorney can be made effective immediately, which means both you and your agent have the ability to act on your behalf. Your agent can continue to manage your affairs if you later become unable to do so—this is why it is “durable.” Alternatively, you can write a POA that becomes effective only if or when you become incapacitated, and has no effect until then.

Contact us to schedule a consult with an experienced estate planning attorney.