Durable Powers of Attorney for Finances

Conservatorships and Durable Powers of Attorney for Finances

A conservator is a person assigned by a court to handle another person’s finances. It’s generally a good idea to avoid conservatorships because the court process of assigning a conservator can be expensive and uncomfortable. But in some circumstances, conservatorships can be useful or unavoidable.

Entering Information About Yourself

To make Nolo’s Durable Power of Attorney for Finances, you must enter some basic identifying information about yourself. Your Name Enter your name the way it appears on formal business documents, such as your driver’s license, bank accounts or real estate deeds. This may or may not be the name that

NOTICES on Powers of Attorney

Question: Why does my durable power of attorney have those long, bolded, capitalized sections of text at the beginning and (or) end of my document? Answer: Those sections might be an eyesore, but they must (or should) be part of your durable power of attorney. Here's why: Durable powers of attorney are

When Not to Use a Durable Power of Attorney

A durable power of attorney is not the right solution for every problem. In some cases, a different form is needed. In other cases, a conservatorship might be a better idea. Do not use a durable power of attorney for finances in these situations: If you can’t think of someone you trust enough to appoint

What is a Durable Power of Attorney for Finances?

A durable power of attorney for finances is a reliable legal document in which you name someone who will make your financial decisions if you become unable to do so yourself. This person is called your attorney-in-fact, or in some states, your agent. (Your document will include the correct term for your

When Your Power of Attorney Takes Effect

Some durable powers of attorney take effect immediately after they are signed and notarized (or witnessed), others take effect only after the person making the power of attorney becomes incapacitated. WillMaker’s Durable Power of Attorney for Finances Your durable power of attorney for finances is

Additional Duties and Responsibilities of Attorney-in-Fact

After you’ve named your attorney-in-fact and decided which financial powers to grant, you have just a few more choices to make about how your attorney-in-fact will carry out the job. Periodic Reports Delegating Powers Exceptions to Legal Responsibilities Conflicts of Interest Making Gifts Mixing Funds

Choosing an Attorney-in-Fact

After learning about the job of an attorney-in-fact, it may be clear to you who you want to name. But sometimes it’s tough to know whom to choose. Perhaps your spouse or partner is ill or wouldn’t be a good choice for other reasons. Or you may not know anyone that you feel entirely comfortable asking

Naming Alternates and Co-Attorneys-in-Fact

As you give some thought to who to name as your attorney-in-fact, you’ll also need to consider whether you want to name more than one person to serve and who should serve as alternates in case your first choice cannot do the job. Appointing More Than One Person Make Decisions Together or Independently

The Attorney-in-Fact's Job

This section explains the responsibilities your attorney-in-fact will have toward you and your property. Possible Powers Legal Responsibilities Liability for Mistakes Record-Keeping Responsibilities Signing Checks and Other Documents Choosing Your Agent Discussing Your Wishes Paying Your Attorney-in-Fact

Specific Financial Powers, Part 1

Using Nolo’s Durable Power of Attorney for Finances, you can give your attorney-in-fact up to 16 specific financial powers. The powers may put an enormous amount of control over your finances into the hands of your attorney-in-fact, and it’s important that you understand exactly what each power authorizes

Specific Financial Powers, Part 2

Here is the second half of the list of powers you can give your attorney-in-fact in Nolo’s Durable Power of Attorney for Finances. Insurance and Annuity Transactions Estate, Trust, and Other Beneficiary Transactions Transferring Property to Your Living Trust Legal Actions Personal and Family

The Power to Make Gifts

This financial power allows your attorney-in-fact to make gifts of your property. You may already know that you want your attorney-in-fact to be able to give away your property under some circumstances. On the other hand, allowing your attorney-in-fact to make gifts might feel like giving up too much

When Your Durable Power of Attorney for Finances Ends

A durable power of attorney for finances is valid until you revoke it, you die or there is no one to serve as your attorney-in-fact. A court can also invalidate a power of attorney, but that happens very rarely. Revocation Invalidation Divorce No Attorney-in-Fact Is Available Death Revocation As long

Finalizing Your Durable Power of Attorney for Finances

After you’ve done the hard work of putting together a durable power of attorney, you must carry out some simple tasks to make sure the document is legally valid and will be accepted by the people with whom your attorney-in-fact may have to deal. This section explains what to do. Before You Sign Signing

No Need for Alternate Agents to Sign

In most states, an attorney-in-fact (or agent) does not have to sign a power of attorney to act under it. The exceptions to this rule are: California Delaware Georgia Michigan Minnesota New Hampshire New York Pennsylvania, and Vermont. And even in these states, an attorney-in-fact (or agent) does not

Possible Challenges to Your Documents

A common fear is that your durable power of attorney for finances will not be accepted by those around you. While rare, challenges are sometimes raised by people who feel you were not of sound mind when you signed the document or who fear that the document is not legally valid. Your Mental State The

After You Sign Your Durable Power of Attorney for Finances

When you’ve completed your durable power of attorney for finances, you have just a few more things to do. What to Do With the Signed Document Making and Distributing Copies Keeping Your Document Up to Date What to Do With the Additional Documents What to Do With the Signed Document Your attorney-in-fact

Revoking Your Durable Power of Attorney for Finances

After you make a power of attorney, you can revoke it at any time, as long as you are of sound mind. But to make the revocation legally effective, you must carefully follow all the procedures set out in this section. Who Can Revoke When to Revoke How to Revoke Who Can Revoke Only you, or someone a