What is a Durable Power of Attorney for Finances
A Durable Power of Attorney for Finances is a document that lets you choose the person you want to make financial decisions when you are unable to make those decisions yourself. That person is called your Agent.
I do not have a Durable Power of Attorney for Finances. What happens if I don't make one?
This can get complicated really fast because of how property is categorized in Washington state. Generally, for property that you and your spouse own, your spouse may be able to make decisions regarding that property. For property that only you own it is likely that a conservator will need to be appointed.
Who should I appoint to be my Agent?
A Financial Agent can be a friend or relative you trust to make important decisions. This individual needs to be over 18 years of age. To select an appropriate Financial Agent, review the person's strengths and weaknesses when handling money and assets. You can also appoint a professional fiduciary as an Agent.
What kinds of decisions can my Agent make?
Your Financial Agent makes decisions regarding your finances and property.
Can I change my mind about having a Durable Power of Attorney for Finances?
You can revoke your Durable Power of Attorney for Finances document at any time. However, revocation is subject to specific notice requirements.
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Ruth A. Harper
I'm a Pacific Northwest attorney, and my focus is on estate planning and elder law. My interest in these fields grew out of my experience with aging relatives and family members with special needs.
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