What is Durable Power of Attorney? — Business Tip

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When a person executes a Durable Power of Attorney, they appoint someone else to make financial decisions on their behalf. If a person becomes unavailable to handle their financial affairs, their agent under the Durable Power of Attorney has the authority to change withdrawals from retirement plans, terminate expenses, arrange for long term care, or take any other financial action needed for the ill person. Also, if the ill person did not take steps to move their accounts into their living trust, the agent under the Durable Power of Attorney can complete the transfer paperwork into the trust to avoid probate hassles after the ill person’s death. Although the agent is given a lot of power in the Durable Power of Attorney, they are specifically prohibited from changing an estate plan to unduly benefit themselves or their family.

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