What is a durable financial power of attorney?

A durable financial power of attorney (DPOA) is a document used in estate planning law in Washington that allows an individual to appoint someone else to manage their finances and other financial affairs if they become unable to do so on their own. This person, known as the “attorney-in-fact” or “agent,” is legally authorized to handle financial and legal matters on the individual’s behalf. A durable power of attorney is a powerful and important tool. It can help ensure that the individual’s financial needs are taken care of in the event they become incapacitated due to illness, disability, or injury. The document can also provide protection in the event of a mental illness or dementia-related illness. The durable power of attorney allows the agent to access accounts and investments, handle real estate transactions, pay bills, and transfer or manage assets on their behalf. The agent must act in the best interests of the individual and will be held responsible for any decisions they make. The durable power of attorney is an important legal document that should be carefully considered and reviewed by an experienced estate planning lawyer. In Washington, the document must be notarized and witnessed in order to be legally binding.

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What is a durable financial power of attorney?

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