Durable Power of Attorney – Scottsdale Arizona Estate Planning
What is a Durable Financial Power of Attorney?
A Durable Financial Power of Attorney is typically included as an important document in a properly drafted set of estate planning documents. This particular Power of Attorney is referred to as a “Durable” Financial Power of Attorney because, unlike other powers of attorney, the rights granted in a Durable Financial Power of Attorney continue beyond the death of the person executing the document. The rights granted in a non-durable power of attorney, generally, cease to exist upon the incapacity or death of the person executing that power of attorney.
Why Do I Need a Durable Financial Power of Attorney?
Estate planning attorneys will create a Durable Financial Power of Attorney as part of a properly drafted estate plan to ensure someone who you designate will have the legal authority to manage your personal finances for your benefit in the event you were to become incapacitated or were to pass away. The Durable Financial Power of attorney will grant your designated individual access to access and manage your financial accounts, as well as to pay your debts.
What Happens If I Don’t Have a Durable Financial Power of Attorney?
The Court will appoint someone, referred to as a Conservator or Personal Representative, to manage your finances if you were to become incapacitated or pass away and you had not previously executed a properly drafted Durable Financial Power of Attorney. You, therefore, assume a risk that someone whom you otherwise would not have intended to manage your finances will gain control over your financial accounts if the Court were required to appoint a Conservator or Personal Representative for you.
Please feel free to contact one of our Arizona estate planning attorneys by calling us at 480-305-8301 today if you have any questions regarding a Durable Financial Power of Attorney or need assistance creating or modifying your estate plan.