What is a durable financial power of attorney?

A durable financial power of attorney (POA) is a legal attorney-in-fact (AIF) document, specific to estate planning law in West Virginia, that allows one person to act on behalf of another person. This document, once signed, gives the chosen AIF the power to handle any financial matter that arises, including making decisions about investments, bank accounts, insurance policies, real estate, tax matters, and other financial decisions. The durable financial POA is based on the principal-agent relationship, where the AIF acts as an agent for the principal (the person who signs the document). The document is effective immediately, unless specified otherwise, and remains effective even after the principal becomes incapacitated. This is what is known as “durable” power of attorney- meaning that the power granted to the AIF remains effective under certain conditions of incapacity. It is important to note that this document is not the same as a will. A will is used to pass your assets to your heirs after you pass away. The durable financial POA on the other hand gives the AIF the power to act on your behalf while you are alive. Therefore, it is important to consider both documents when estate planning in West Virginia.

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What is a durable financial power of attorney?

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