What is a durable financial power of attorney?

A durable financial power of attorney is an important estate planning document for individuals in South Carolina. It is a legal document that allows you to appoint an agent or attorney-in-fact to make financial decisions on your behalf. The person you appoint to act on your behalf is referred to as a “principal.” The agent is generally only authorized to make decisions and transactions regarding financial matters. When you create a durable power of attorney in South Carolina, you must include language in the document that states it will remain in effect even if you become incapacitated or unable to make decisions. This document lets your principal make decisions about your financial matters in the event of your incapacity or disability. Your durable financial power of attorney can be limited or very broad in scope. You can limit the powers granted to your principal or authorize an agent to make all financial decisions on your behalf. Your document should be clear and unambiguous in order to avoid any legal complications. You should always discuss the scope of your durable power of attorney with your legal counsel to ensure that the document includes every necessary authorization and is legally valid. You can also add a special provision to the durable financial power of your attorney that requires periodic confirmations. This would require your agent to confirm that they are acting in accordance with your wishes and that no changes have been made without your written consent.

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What is a durable financial power of attorney?

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