District of Columbia Durable Power of Attorney (Financial)

Last Updated: 6/19/2015

Document Description

Our District of Columbia Financial Power of Attorney is a very reliable and simple way to allow someone close to you to manage your finances if you are no longer around or able to do so, or at any time of your choosing. As the principal, you assign an agent or attorney-in-fact, to manage your finances when you are unable. The attorney-in-fact, does not have to be an actual attorney, just someone you trust to make decisions regarding your finances when you are not capable of making these decisions for yourself.

A Financial Power of Attorney is a great resource to have in case you are no longer able to handle the responsibility of your affairs regarding your money. This form is important to have, without it handling day to day expenses like the payment of utilities or mortgages may become difficult and oftentimes requires court proceedings to assign someone the authority to be responsible for your affairs. Creating this document in advance, gives peace of mind to you and those closest to you, that fiscal matters are handled responsibly, and quickly.

A financial power of attorney gives the attorney- in- fact several different responsibilities. In this document, you can determine assignable powers related to our fiscal life, including but not limited to banking, federal benefits, taxes, insurance, and medical payments. There are limits to what can be included in a financial power of attorney. As it is durable, and is no longer effective once you die, it should not include plans for funeral arrangements or give authority after death. The attorney- in- fact is also not able to make changes or create any estate planning documents like wills, or advanced health directives.

This document, like our many other estate planning documents, can be stored in your ezEstatePlanner Vault. Here all of your important documents are stored safely, and are accessible to a Keeper of your choosing in the event you become incapacitated or pass away. A copy of your District of Columbia Financial Power of Attorney should also be given to the attorney-in-fact to have on file, in case they need it.

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