![]() ![]() It's a good idea to have one on file, to be prepared for an unexpected incapacity due to an accident or sudden health issue. You can make a power of attorney at any time. These proceedings are commonly known as conservatorship proceedings. If you don't have a durable power of attorney, your relatives or other loved ones will have to ask a judge to name someone to manage your financial affairs. If you have a bank account, credit cards, income, bills, government benefits, rent or mortgage, a business, or any other financially-related concern that you manage, you need someone to take care of those concerns if you cannot do it yourself. Why & When You Need A Durable Power of AttorneyĪlmost everyone can benefit from a durable power of attorney for finances. Generally, you must understand what a durable power of attorney for finances is and does-and you must understand that you are making one. This mental competency requirement isn't hard to meet. In almost every state, you can create a valid power of attorney if you are at least 18 years old and of sound mind. Usually, a physician makes the determination. Also called disabled or incompetent in some states. Unable to handle one's own financial matters or health care decisions. This is the kind of power of attorney you make with Nolo's Durable Power of Attorney for Finances. A power of attorney that will remain in effect even if the principal becomes incapacitated. Also called successor attorney-in-fact or successor agent, depending on the state.ĭurable Power of Attorney. The person who takes over as attorney-in-fact if your first choice cannot or will not serve. Your power of attorney will include the correct term for your state.Īlternate Attorney-in-Fact (Alternate Agent). In many states, the attorney-in-fact is also referred to as an agent of the principal-and some states use the term "agent" exclusively. The person who is authorized to act for the principal. If you make a durable power of attorney for finances, you are the principal.Īttorney-in-Fact (Agent). The person who creates and signs the power of attorney document, authorizing someone else to act for him or her. Better to understand them from the outset. These terms will come up repeatedly as you make your power of attorney. Your Love Ones Can't Just Sign Your Checks. ![]() Why & When You Need A Durable Power of Attorney.(Your document will include the correct term for your state.) If you ever do become incapacitated, the durable power of attorney will likely appear as a minor miracle to those who are close to you. This person is called your attorney-in-fact, or in some states, your agent. In it, you name someone who will make your financial decisions if you become unable to do so yourself. A durable power of attorney for finances is an inexpensive, reliable legal document. ![]()
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