This document allows you to designate someone as your agent or attorney – in-fact to make financial decisions regarding your property and assets. It gives them the power to sign your name without the need of incurring the cost and frustration of petitioning the probate court to have them appointed your financial conservator.
There are two types of Durable Power of Attorney for Financial Purposes. An “immediate” power of attorney takes effect as soon as you sign it and continues in existence until you revoke it. A “springing” power attorney takes effect only after you become incapable of managing your own affairs as certified by your treating physicians.
All Durable Power of Attorney for Financial Purposes are revoked by operation of law when you die. Therefore, they cannot assist with any post-death issues. Your attorney will discuss with you which type of power of attorney is best suited for you.
