A durable financial power of attorney is a legal document that gives someone the authority to oversee your finances in the event that you are unable to do so because you have become mentally and/or physically incapacitated. Making sure that you have a durable financial power of attorney in place can be critical to ensuring that your important financial matters are properly handled by someone you trust if or when you cannot handle these matters on your own at any point in the future.
At JR Phillips & Associates, our Centennial estate planning lawyers are experienced at developing comprehensive durable financial powers of attorneys for our clients. We can help you develop financial directives that clearly spell out your wishes and that will appropriately protect your assets if you may not be able to oversee such protections due to an accident, illness or injury in the future.
How Durable Financial Powers of Attorney Work
Also referred to as a durable power of attorney for finances, a durable financial power of attorney works similarly to a durable medical power of attorney in that this type of directive:
- Specifically appoints some individual to be the agent or attorney-in-fact who will act on your behalf
- Clearly outlines your wishes for how certain matters should be handled.
Durable financial powers of attorney can be as simple or complicated as a person wants them to be. For instance, while a simple durable financial power of attorney may only direct that an agent oversee a specific financial transaction (like, for instance, a real estate deal), a more complicated financial directive can empower an agent to do things like:
- Oversee a person’s bank and investment accounts
- Pay taxes on behalf of the ailing individual
- Deposit Social Security checks on behalf of the ailing individual
- Manage other assets like, for example, businesses, real estate holdings, etc.
It’s important to point out that the agent named in a durable financial power of attorney doesn’t necessarily have to be a financial expert. Instead, this agent simply should be someone whom an individual trusts with his important financial matters. When agents aren’t financial experts, durable financial powers of attorney can specifically dictate when agents can hire other financial experts (like accountants) to assist in carrying out the directives in the durable financial power of attorney.
Denver Estate Planning Attorneys at JR Phillips & Associates, PC
When you are ready to develop a durable financial power of attorney, contact the estate planning lawyers at JR Phillips & Associates, PC. We provide a thoughtful, comprehensive approach to our clients’ estate planning needs, and we are dedicated to always providing our clients with competent, caring and professional representation.
Our Centennial estate planning lawyers are skilled at using a variety of traditional and innovative approaches to develop solutions that are perfectly tailored to our clients’ needs and objectives. Our goal is to help our clients efficiently navigate the complexities of the law so they can develop effective, prudent solutions that will protect them, their assets and their families in the future.
Let’s discuss your options for developing a durable financial power of attorney during an initial consultation. To schedule this meeting, call us at (303) 741-2400 or email us using the contact form at the top of this page.
From our offices in Denver, we serve clients throughout the southwest and southeast Metro Area, including (but not limited to) people in Highlands Ranch, Littleton, Castle Rock, Parker, Aurora, Greenwood Village and Englewood.