South Carolina Durable Power of Attorney (Financial)

Last Updated: 6/22/2015

Document Description

Preparing for the future is what defines estate planning. After all, you want to make plans for what happens to your assets – assets you’ve no doubt spent a lifetime managing - after you’re gone. However, have you considered that you may need assistance managing those assets during your lifetime? Physical or mental incapacitation can make handling your monetary affairs difficult, if not impossible. A well-crafted financial power of attorney will help ensure that your estate is managed according to your wishes, even if you’re unable to do so.

The South Carolina Financial Power of Attorney is a customizable form that allows you, the principal, to designate whom you would like to take care of money matters on your behalf and to name the powers that person will have. Because it remains effective regardless of any future mental or physical disability, it’s considered durable.

The person you choose to assume financial responsibility is known as the agent or attorney-in-fact. This appointed agent will ultimately have a great deal of responsibility, so it’s important to name someone you trust implicitly. The agent should be prepared to keep a record of any actions performed, and he or she may be entitled to reimbursement of reasonable expenses incurred while serving in that capacity. If your chosen agent is unable to serve, the South Carolina Financial Durable Power of Attorney allows you to name a successor agent.

This document contains several key areas in which your agent can make decisions, including banking, investments, retirement plans and more. You may also give your agent additional powers and/or limitations in this customizable form. In South Carolina, if your agent is dealing with real estate, you’ll need to record your financial power of attorney at the land records office.

The state of South Carolina requires that you sign your financial durable power of attorney in the presence of two witnesses and notarized. Once you’ve done that, you can upload it to your ezEstatePlanner Vault for safe keeping. If you ever need to make changes to your South Carolina Financial Power of Attorney, or if you (or anyone else you choose) needs to access it, you can do so simply and securely.

The South Carolina Lieutenant Governor’s Office on Aging has additional information for older citizens. Visit aging.sc.gov or call 1-800-868-9095.




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