What is a durable financial power of attorney?

A durable financial power of attorney is an important part of estate planning law in Hawaii. It is a legal document that allows a person to appoint an agent to manage their finances on their behalf in the event that they become incapacitated or otherwise unable to do so. This document grants the agent the power to handle all financial matters, such as making deposits, withdrawals, and investments, paying bills, and filing taxes. The power of attorney document can be made either “durable” or “non-durable.” The durable option makes the power of attorney remain in effect even if the person becomes incapacitated; whereas the non-durable version automatically terminates if the person becomes incapacitated. Typically, a durable financial power of attorney is included in an estate plan in the state of Hawaii, as it helps protect a person’s financial well-being in the event of incapacitation. It is important to find an agent you trust and to update the power of attorney regularly.

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What is a durable financial power of attorney?

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