Power of Attorney
Durable Power of Attorney over Finances
A durable power of attorney for finances (DPAF), sometimes called an attorney-in-fact,
authorizes a trusted friend or relative to handle financial matters on
your behalf should you become incapacitated. For instance, they can pay
your house payment should you become seriously injured and unable to do
A DPAF is especially important for those who are facing a serious illness
that is likely to cause periods of incapacity. Putting this document in
place early and having a discussion with your financial agent can help
you avoid late fees, foreclosure or provide cash to help take care of
your kids while you are incapacitated.
What information do I need for my DPAF?
In order to put your Durable Power of Attorney for Finances you will need
- Who you want to give your Power of Attorney.
- An alternate Power of Attorney should your primary agent be unwilling or
unable to serve.
- If you want your DPAF to come into effect upon signing the document or
only once you are incapacitated.
When does a Durable Power of Attorney come into effect?
You can design your DPAF to come into play either when you become incapacitated
or when you sign the document.
Incapacitated. The advantage of having your DPAC come into play only once you are incapacitated
is that you reduce the risk of your attorney-in-fact abusing their powers
as they will not having any until you are incapacitated. The disadvantage
is you will have to be incapacitated, as defined in the document, before
they have powers. This will not give them power when you are just feeling
ill or otherwise unable to tend to your finances.
Upon Signing. If you grant your attorney-in-fact powers once the document is signed,
your attorney-in-fact can act on your behalf from that day forward. There
is always some risk they might take advantage of this powers, so you will
want to choose your attorney-in-fact carefully.
Get in touch with me, your Oakland estate planning attorney, and let me
guide you through the process, starting with a
free initial consultation!