What is a durable financial power of attorney?

A Durable Financial Power of Attorney is an estate planning tool that is used in Kansas. This tool allows an individual to appoint a trusted family member or friend, known as the Attorney in Fact (AIF), to act as his or her agent to handle financial or legal matters on his or her behalf, should the individual become incapacitated or unable to manage his or her own affairs. The AIF is typically given wide-ranging legal powers, such as the authority to make gifts and sign documents, pay bills and taxes, and manage assets and investments. The state of Kansas requires that financial powers of attorney be in writing and that they must contain the words "This power of attorney shall be durable in the event of my incapacity." In order for a Power of Attorney to be legally valid, it must be signed in the presence of a notary public. Additionally, the AIF must also be advised in writing of his or her duties and powers and must accept the responsibility of acting in the best interests of the Principal (the individual granting the Power of Attorney). A Durable Financial Power of Attorney is an important part of any estate plan. It is important to note that the AIF should not be the same person as your personal representative, guardian, or trustee, and that it is important to choose your AIF carefully, as this individual will be in a position of great trust and responsibility.

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What is a durable financial power of attorney?

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