durable power of attorney for finances
Durable power of attorney for finances, or a financial power of attorney, is a legal document that gives someone authority to manage an individual’s financial affairs. The person named to represent the individual is referred to as an agent or attorney-in-fact .
Individuals may sign a durable power of attorney for finances to preserve an individual’s finances if that individual later becomes incapacitated . Individuals may also sign a durable power of attorney for finances when they want to pool resources with another person for financial security. For example, in In re Chapman , a widow signed a durable power of attorney for finances to share a household and finances with her daughter after her husband died.
[Last reviewed in October of 2021 by the Wex Definitions Team ]
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