What is a durable financial power of attorney?

A durable financial power of attorney is a legal document that allows you to designate a person to act on your behalf and make financial decisions for you in the event that you become incapacitated. This document can be particularly important in California when considering Elder Law, as it will enable someone to take care of your financial matters in the event of an illness, injury, or disability that affects your ability to manage your own finances. A durable financial power of attorney grants your designated agent the power to handle your banking affairs, access your financial accounts, pay bills, invest and manage funds, conduct real estate transactions, and handle other financial matters on your behalf. In addition, the document will specify the exact powers and authority you have granted to your agent and the limits of their authority. It is important to note that the document will become effective only if you become incapable or unable to handle your own affairs. That means that if you are still able to manage your financial affairs, your agent does not have the authority to act on your behalf. A durable financial power of attorney is an important legal document to consider when considering California Elder Law.

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What is a durable financial power of attorney?

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