Power of Attorney (Financial)

A power of attorney is a document that allows one person to appoint another to act as his or her agent. A power of attorney that is not designated as durable is no longer effective if the appointing person becomes incapacitated. However, a durable power of attorney is just that – the powers endure even if the person who executed the document, known as the principal, becomes legally incapacitated. However, the durable power of attorney is revoked upon the death of the person who executed the document.

An agent may be granted a portion or all of the following powers:

  • Execute, amend or revoke any trust agreement
  • Fund any trust not created by the principal with the principal’s assets
  • Make or revoke a gift
  • Refuse a gift or transfer of property
  • Create or change survivorship interests in the principal’s property
  • Change the principal’s beneficiary designations
  • Consent to an autopsy
  • Consent to organ donation
  • Nominate a guardian or conservator for the principal

Comments are closed.