South Dakota Durable Power of Attorney (Financial)

Last Updated: 6/22/2015

Document Description

When you’re making plans for your estate, handling your financial affairs goes beyond just making a will. You should also consider how you will manage your assets if you become physically or mentally incapacitated – circumstances for which a will doesn’t make provision. This durable power of attorney will help you prepare for such a situation.

The South Dakota Financial Power of Attorney is a document that allows you, the principal, to name whom you would like to decide on money matters on your behalf if you are unable to do so. Illness, injury and even a prolonged absence could necessitate someone else stepping in to handle such things as mortgage payments, insurance premiums, Social Security benefits and legal proceedings. This document is considered durable because you don’t have to be incapacitated in order for it to take effect.

The power you give to the person you choose, known as your agent or attorney-in-fact, is up to you. You can grant him or her complete access to your accounts or allow decision-making in just a few areas - the South Dakota Financial Durable Power of Attorney is customizable to suit your particular needs.

It’s important to choose someone you trust to be your agent. You may want to consider having a second agent if your first choice is unable to serve. You also need to know that if your spouse is your agent and you divorce, the power of attorney won’t automatically end.

Your financial power of attorney must be signed by two adult witnesses. It’s also a good idea to have it notarized. You’ll want to give copies to any financial institution with which you regularly do business, as well as to your agent. If you want to end your power of attorney, you can revoke it at any time with a simple form. Just make sure you provide the revocation to anyone who had copies of the power of attorney.

EzEstatePlanner allows you to upload signed copies of your South Dakota Financial Power of Attorney in your ezEstatePlanner Vault. You can share your documents with other trusted individuals whenever you want. If you decide to make any changes, you can edit the document, save it and print out new copies to be signed wherever and whenever you want.

The South Dakota Office of the Attorney General offers additional information about legal matters in the state. Call (605) 773-3215 or visit atg.sd.gov.




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