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Durable Financial Power of Attorney 

Like the Medical Power of Attorney, this document is designed to delegate people in your family to handle matters on your behalf when you longer can do so for yourself either permanently or temporarily.

The person who gives the power is called the principal, and the person who receives the power is the "attorney-in-fact" or "agent". "Durable" in this context means that the agent’s power will survive the principal’s incapacity or disability. As a result, a Durable Power of Attorney can be used as an alternative to guardianship under certain circumstances, provided the principal executed the document before losing capacity.

The Financial Durable Power of Attorney is also known as a General Durable Power of Attorney. The agent’s authority to act for the principal under a Financial Durable Power of Attorney is based on the powers that the principal gives to the agent. Whether broad, general or limited powers, the specific powers given to the agent are completely determined by the principal. The principal may delegate to the agent in the Durable Financial Power of Attorney the authority to make deposits and withdrawals from their checking account, to file tax returns, to sell the home and handle just about any other financial transaction on your behalf.

However, there are a few powers that the principal may not delegate. For example, the agent cannot prepare a Will, vote, or seek a divorce on the principal’s behalf. People who execute Durable Powers of Attorney are getting assistance with their day to day personal financial affairs but their agents do not have an ownership interest in the principal’s property.

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None of the information contained herein is to be construed as legal advice, but merely a review of information that is readily available to the public. Ron J. Mille, FSS – Retirement Counselor, his successors and/or employees are not attorneys and do not give legal advice. This service is not a substitute for legal advice from an attorney. We will do our best to give you useful and accurate information, but that is not the same as legal advice. If you want help understanding how the law applies to your particular circumstances, or deciding which estate planning documents are best for you, then seek a qualified attorney.