Durable Power of Attorney for Finances
A durable power of attorney for finances allows you to appoint another person as your agent, and grant him or her access to your money and other assets and the authority to make financial decisions on your behalf if you become incapacitated. Some examples of the powers you can give your agent are the powers to:
- Authorize payment of bills;
- Run your business;
- File your taxes;
- Withdraw money from your checking or savings account;
- Control your investments;
- Sell your home;
- Apply for insurance benefits on your behalf.
It is important to carefully choose a person you trust to be named as your agent due to the enormity of financial control you will give them. However, it should be noted that you can limit the power given to your agent by detailing the specific powers you are giving her/him in the durable power of attorney for finances document.
It is critical for gay, lesbian, bisexual and transgender people to know if you do not create a durable power of attorney for finances naming your partner or a friend as agent no one will be able to manage your finances unless a guardianship proceeding is filed in court, and your closest biological family members will have priority of appointment.