What is a durable financial power of attorney?

A durable financial power of attorney (POA) is a key document used in estate planning law in California. A durable POA is a document that gives a designated agent or attorney-in-fact the authority to make financial decisions on behalf of another person. The POA is considered durable because it allows the agent to act even if the principal (the person who appointed the agent) becomes incapacitated or mentally unable to manage his or her own affairs. The person who creates the POA (the principal) determines the scope of authority the agent is granted, such as pay bills, manage investments, file taxes, sell property, and more. The durable financial power of attorney can be revoked at any time, as long as the principal has the mental capacity to do so. It can also be amended or changed if needed. When setting up a durable POA, it is important to select someone you trust and who is willing and able to act on your behalf. Finally, in California, a durable POA must be notarized and witnessed, or have two individuals who attest to the principal’s signature.

Related FAQs

What happens if I don't have an estate plan?
How can I ensure that my estate is distributed according to my wishes?
How can I plan for the future care of my minor children?
What is the difference between a will and a trust?
What is a revocable living trust?
What is a health care directive and how does it work?
How can I prepare for long term care expenses?
How should I choose an executor for my will?
What is a durable power of attorney?
Who should be included in an estate plan?

What is a durable financial power of attorney?

Related FAQs

Related Blog Posts