Montana Durable Power of Attorney (Financial)

Last Updated: 6/19/2015

Document Description

As you age, you may find yourself needing assistance with a variety of tasks – running errands, doing yard work, making home repairs. However, you might also need help with matters that are less physical in nature, such as paying bills, signing tax returns and making insurance claims. Illness, incapacitation or even an extended absence could make handling these types of tasks difficult or impossible. Preparing a financial power of attorney now will help secure your property and your finances down the road.

A financial power of attorney is created by you, the principal, to give power to an agent (also known as an attorney-in-fact) in one or more financial areas. The powers you give the agent can be very broad or limited. The agent doesn’t take control away from you, but rather is given the authority to also make decisions. You may choose to have it take effect immediately and remain unaffected by any future mental or physical disability you may experience (which makes it durable), or when a physician determines that you are no longer able to manage your affairs by yourself.

The person you select as your agent should be trustworthy and capable of handling financial matters since he or she will have access to your personal accounts. You can appoint more than one person to serve in that role, although note that co-agents are not required to act or make decisions jointly unless you specify that in the document. You may also wish to appoint a successor agent in case your first choice is unable to serve.

The Montana Financial Power of Attorney is customizable, which means you can add special instructions limiting or extending the agent’s powers. Although the agent isn’t required to sign the power of attorney, you will want to thoroughly discuss the provisions of the document with him or her to ensure that your wishes are carried out. You may revoke your power of attorney at any time.

Once you have signed the Montana Financial Power of Attorney, you will need to have it notarized. You can then upload the signed document to your ezEstatePlanner Vault for safekeeping. Other important documents and photos may also be kept there, which gives you and anyone else you choose easy, around-the-clock access.

The Montana Legal Services Association provides additional information about legal matters in Montana. Visit www.mtlsa.org.




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