Make sure someone can act on your behalf if you are incapacitated or unavailable.
The Durable Power of Attorney Includes:
A Power of Attorney for Finances is a legal document that gives a specified person, known as an "agent", powers to manage your financial affairs in the event you are unable or unavailable to do so. This can include a number of powers, including those dealing with your bank and financial accounts, stocks, bonds and insurance policies, the power to manage your business affairs, the power to deal generally with your assets and property, including real estate.
Typically, a power of attorney is a great legal document to have in place in the event that you may be unable to act on your own accord for any number of reasons, from being outside of the country on vacation to lacking the ability to make your own intelligent decisions due to a medical condition, like Alzheimer's Disease.
Your agent is legally required to act in your best interests; however, given the broad scope of delegated authority, it is important to select an agent whom you trust, since you are giving that agent control over your financial assets and property. Any agent who does act for you has a duty to act in good faith for your benefit and to use due care, competence, and diligence.
By executing a power of attorney for finances, you are typically giving your trusted agent the power to act on your behalf in regard to the following types of transactions:
(a) Real estate transactions.
(b) Financial institution transactions.
(c) Stock and bond transactions.
(d) Tangible personal property transactions.
(e) Safe deposit box transactions.
(f) Insurance and annuity transactions.
(g) Retirement plan transactions.
(h) Social Security, employment and military service benefits.
(i) Tax matters.
(j) Claims and litigation.
(k) Commodity and option transactions.
(l) Business operations.
(m) Borrowing transactions.
(n) Estate transactions.
(o) All other property transactions.