The Durable Financial Power of Attorney is a legal document that gives someone of your choice (agent) the right to handle your financial affairs if you become incapacitated. You do not give up control while you have capacity.

For estate planning purposes, we use this tool for a variety of reasons:

• Assure someone you trust, not a court appointed conservator, is appointed to handle your financial affairs.
• Keep your financial affairs private.
• Keep you, and your loved ones, out of the living probate system.
• Assure your agent has the power to transfer assets to your trust(s) if necessary.
• Sell property without probate court approval.
• Pursue claims or actions on behalf on an incapacitated individual.
• Gives you the power to control how your finances are handled if you are no longer able to handle them yourself.

Choosing an Agent

An agent nominated to handle your finances has a real responsibility. You need someone in place that can handle this responsibility. For a husband and wife scenario, it usually appropriate for the spouse to handle financial decisions for the other upon incapacity. If you are not married, children or close family can usually handle the responsibility of agent.

Some important attributes of a good agent candidate include:

• Trustworthiness as there is generally no oversight of your agent's action.
• Fiscally responsible so as to handle your financial affairs appropriately.
• Easy to communicate with as necessary.
• Location is usually not an issue for financial matters.

What is most important is that your agent be the best choice for your estate. This process is not about making people feel equal. It is about assuring your wishes are followed when you no longer have a say in the matter.