A durable power of attorney is an important estate planning document. Learn more about it here.

What it does:
It is a document that authorizes a spouse, relative, close friend, or trusted advisor to act as your agent and manage your financial affairs or make healthcare decisions as you become fully or partially incapacitated. A durable power may confer as few or as many authorities on the designated "attorney in fact " as the person/owner wishes. However, a durable power cannot authorize the exercise of powers that are personal and non-delegable, such as the power to make a will. Since disability is more of a danger than death for most of us, this is a very important estate planning strategy.

Benefits For Preserving Personal Asset Continuity

• Provides an important low cost protection for your personal assets against the legal complications of your physical or mental incapacity
• Protects against the necessity of a guardianship to handle your affairs if you become incompetent; is less expensive to administer than a guardianship and can be used immediately
• Avoids the delays, and expenses that are often incurred because of incapacity
• Spares your family from having to prove your incompetence in court
• Eliminates the need to account to a court and obtain court approval for actions concerning your financial affairs, such as payment of unpaid bills and investment decisions
• Provides excellent back-up to joint bank accounts and similar arrangements, in the event there are any conflicting claims to the funds on deposit
• Allows you, rather than the court, to select one or more individuals to manage your affairs if necessary