What is a durable financial power of attorney?

A durable financial power of attorney is a legal document that allows you to appoint someone to manage your financial affairs if you become incapacitated or otherwise unable to do so. This document can be used in estate planning in Utah and gives your attorney-in-fact the authority to do anything that you could do yourself in terms of financial matters. The document can be very specific in regards to what powers your attorney-in-fact is authorized to possess. You can be as broad or as specific as you like in granting a durable financial power of attorney. Examples of activities your attorney-in-fact may have the authority to do include filing taxes, buying or selling real estate, investing money, and handling your debts. A durable financial power of attorney can be a beneficial legal tool in estate planning in Utah. It gives you the ability to have someone handle your finances if you are ever unable to do so. This can be a comfort in knowing that your affairs will be taken care of if you become incapacitated. Additionally, it can save your family from going through a time-consuming and expensive probate process.

Related FAQs

How can I plan for the future care of my minor children?
What are the estate planning laws in my state?
What is probate, and how can I avoid it?
How can I ensure that my pet is taken care of after my death?
What is a transfer on death deed and how does it work?
How do I set up an estate plan?
How can I minimize disagreements among family members after my death?
What is a trust account and how does it work?
What happens to an estate if there is no will?
What is a testamentary trust and how does it work?

What is a durable financial power of attorney?

Related FAQs

Related Blog Posts