What is a durable financial power of attorney?

A durable financial power of attorney (DPOA) is a legal document in the state of Washington that allows someone else to manage your financial affairs and make decisions on your behalf in the event you are unable to do so yourself. The DPOA states that the appointed individual, known as an attorney-in-fact, will act in accordance with your wishes and desires as articulated in the document. The DPOA is considered to be “durable” because it will remain valid even if you become incapacitated and unable to make your own financial decisions. The DPOA document will outline the scope of the attorney-in-fact’s powers, including managing bank accounts, investments, owning property, and making decisions about healthcare spending. You may also add other instructions to the DPOA that will provide guidance for the attorney-in-fact if you become incapacitated. The individual you appoint to be your attorney-in-fact must be over the age of 18 and is usually a family member or trusted friend. The attorney-in-fact must manage all of your financial affairs in a responsible and ethical manner, and they will be subject to the same fiduciary responsibility as any other financial or legal representative. In Washington, the DPOA is separate from a healthcare power of attorney, which outlines someone’s power to make decisions about healthcare in the event of incapacitation. Both documents must be signed in the presence of a notary and with two witnesses to be valid.

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What is a durable financial power of attorney?

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