Vermont Durable Power of Attorney (Financial)

Last Updated: 7/2/2015

Document Description

A thorough estate plan involves more than just a will. While a will is an important first step, you need to consider what will happen to your assets if you become ill, injured or otherwise incapacitated and are unable to manage them yourself. You could also face a planned or unplanned extended absence – if you’re in the military, for example - that would require someone to step in and handle your financial affairs. A financial power of attorney can lessen your burden if you have to face difficult situations such as these.

A financial power of attorney grants authority to someone you choose, known as the agent or attorney-in-fact, to make decisions for you, the principal, regarding your money. You still retain ownership of all of your assets and can continue to manage them as you normally would. A power of attorney is durable if it allows the agent’s power to continue even if you become incapacitated. The Vermont Financial Power of Attorney contains this option so that you don’t have to worry about a set of conditions being met before it takes effect. The power of attorney ends when you die, and can be revoked at any time.

The Vermont Financial Power of Attorney allows you to name several different responsibilities you would like the agent to assume, including accessing bank accounts and safety deposit boxes, applying for government benefits, buying and selling your property and more. You can further customize the document by adding powers or restrictions not already named.

Because the agent will have access to your finances, it’s important to choose that person wisely. The agent is obligated to exercise his powers for your benefit, keep your assets separate from his and keep a record of all transactions made on your behalf. The Vermont Financial Power of Attorney spells out these duties clearly.

You and your agent will need to sign the financial power of attorney. The state of Vermont also requires that it be signed by a notary and a separate witness. Once signed, you can upload a copy to your ezEstatePlanner Vault for safekeeping. The ezEstatePlanner Vault is perfect for storing all of your estate planning documents because it can be accessed by you and the loved ones you choose at any time.

Vermont Law Help offers general civil legal information. Visit www.vtlawhelp.org or call 1-800-889-2047.




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