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Legacy Notebook: Durable Power of Attorney

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Day 21 of the Legacy Notebook Series

Yesterday we covered advance medical directives, with one of those documents being a health care power of attorney. Today we’re going to talk about another power of attorney document that is wise to prepare and have on hand. A durable power of attorney authorizes someone (the individual you choose) to handle financial matters on your behalf, should you become incapacitated.

This is document we hope is never needed but can really make things easier for your family if the unexpected occurs. If you become unable to handle your own financial matters and don’t have a power of attorney in place, your family may have to pursue a court ruling to obtain permission to act on your behalf. That process won’t be fast or without frustrations. Save your family the hassle and create a power of attorney.

Generally speaking, if you work with an attorney to prepare a will, they are going to offer to prepare all the basic estate planning documents (last will and testament, living will, power of attorney for health care, durable power of attorney) at the same time. There are several online templates available for download as well. If you go this route, make sure the template you use is specific to your state.

Today’s Action Items:

  • Add your durable power of attorney to your notebook.
  • Have a celebratory beverage – it’s Friday!

thanks for reading,
Lesley

P.S. Looking for the rest of the series? You can find it here.


Stronger Wallet’s Legacy Notebook series information is intentionally general in nature and covers typical scenarios. You may have special circumstances that need to be considered. Always consult a trusted advisor before making big decisions about your financial legacy. Feel free to send me questions along the way at lesley[at]strongerwallet.com.

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Hello and welcome!

My name is Lesley Jeffres Pearson. I'm a CPA with a Masters in Business Administration and a proud alum of the University of Wyoming. Go Pokes!

I'm the personal finance enthusiast, podcast junkie, numbers geek, and bookworm behind this site, which aims to help you get a handle on your finances so you can achieve your financial goals.
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