What is a durable financial power of attorney?

A durable financial power of attorney (POA) is an important document in Elder Law in Delaware. This document gives another person the authority to manage your financial affairs in case you become incapacitated or unable to manage them yourself. It is also known as a durable power of attorney for finances. The person you choose to be the attorney-in-fact is responsible for taking care of your banking, investments, property, and other financial matters on your behalf. The document should be signed while you are of sound mind and should specify the length and scope of the authority granted to the attorney-in-fact. The durable POA document puts a trusted person in charge of making financial decisions based on your wishes and best interests. The attorney-in-fact must be 18 years of age or older and of sound mind, and must abide by the terms of the document. The document should also specify when it will take effect and when it will expire, and can be revoked at any time by the granting party. It is important to have a durable financial POA in place in order to protect your assets and your wishes in the event of incapacitation. This document can be utilized in many ways, including paying bills, managing investments, and even selling real estate. In Delaware, legal advice is recommended when creating a durable POA.

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What is a durable financial power of attorney?

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