# Financial Durable Power of Attorney - How It Works



## SeaBreeze (May 3, 2014)

When we're no longer capable of handling our own financial matters, we may need to assign someone a Financial Durable Power of Attorney, to act on our behalf.  It is best to take care of the legalities involved while we are still healthy enough to do so.  Here is some information about how it works...



> When you create and sign a durable power of attorney, you give another person legal authority to act on your behalf. This person is called your agent or, in some states, your attorney-in-fact.
> 
> Commonly, people give their agent broad power to handle all of their finances. But you can give your agent as much or as little power as you wish. You may want to give your agent authority to do some or all of the following:
> 
> ...


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## Warrigal (May 4, 2014)

I've acted as Power of Attorney for both my mother and my aunt. It is a necessary service that is a privilege to perform. You must choose someone you can trust to act in your best interests, and with love.

I've chosen my daughter. She will do the right thing and the paperwork will ease her path.


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## Ina (May 4, 2014)

Warri, Michael and I are just realizing the we must do all new paper work again, now that Young Michael is gone. We first made out wills and power of attorneys when our first son was killed. Now we are doing it all over again. And it seems twenty years call for a lot of changes.


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## Warrigal (May 4, 2014)

Ina, you must think very carefully about the person you entrust with this responsibility.
The power to manage your finances can bring out the worst in some people who become a little to greedy.

Take your time. You can have the papers drawn up but hold onto them for a while. 
If you have later doubts you can void them.

Our papers are in a sealed envelope at the bank and our daughter has had her signature registered but as yet she does not have them. When it becomes necessary she will be able to access them.


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## Bullie76 (May 5, 2014)

I started looking into this several weeks ago. My lawyer told me that some financial institutions won't accept this unless you have some other form filled out that the institution provides and is on file with them. I called my brokerage firm and they do have a form they want me to complete. I haven't done all this but something you may want to look into in addition to creating a financial poa.


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## SeaBreeze (May 5, 2014)

Thanks for the info Bullie, I haven't done anything like that either, but it's good to know all the ins and outs involved.


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## Warrigal (May 5, 2014)

I found most of the institutions just wanted a certified copy of the original for their file. This could be done by handing one over, or by allowing them to make their own photocopy from the original. This worked for the bank, telco, utilities, medical insurance etc.

My husband is a Justice of the Peace (JP) and one of his responsibilities is witnessing signatures and certifying copies of documents so I always has certified copies on hand.


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