{"id":166647,"date":"2023-11-16T09:04:23","date_gmt":"2023-11-16T09:04:23","guid":{"rendered":"https:\/\/businessyield.com\/?p=166647"},"modified":"2023-11-16T09:04:25","modified_gmt":"2023-11-16T09:04:25","slug":"securing-your-financial-future","status":"publish","type":"post","link":"https:\/\/businessyield.com\/financial-aid\/securing-your-financial-future\/","title":{"rendered":"Securing Your Financial Future","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"

Securing your financial future, whether during a period of ill health or at the end of your life, is absolutely essential. There are many ways that you can do so, and one such way is by implementing a durable power of attorney. A durable POA is a financial document<\/a> used to secure your financial assets and give power over to another individual.<\/p>

In this article, we will take a closer look at durable POAs, what they do, and how they can benefit you and your financial future. Learn more below.<\/p>

What is a Durable Power of Attorney?<\/span><\/h2>

A durable power of attorney is a type of power of attorney that often remains in place until the death of the principal (the individual whose assets are being controlled) or until the document is revoked.<\/p>

When creating a durable power of attorney, the durability of it needs to be explicitly stated. It will remain in place even when the individual can no longer make personal decisions. The main difference between a DPOA and other POA types is the durability clause. Incapacity of the principal can lead to a revocation of other kinds of POA.<\/p>

In a DPOA, the principal gets to dictate the extent of the agent\u2019s (the person with POA) authority. This means they can dictate what the agent can and cannot do with their money. A POA can typically give the agent authority over a range of things, including managing finances, making healthcare decisions, selling property, and handling other legal matters for the principal.<\/p>

Often, the agent is required to keep details of financial transactions and other records of any action taken on the principal\u2019s behalf. This is to safeguard the principal and their interests.<\/p>

A DPOA must be witnessed and notarized to ensure legal validity.<\/p>

How Does Durable POA Protect My Financial Future?<\/span><\/h2>

A durable POA has many benefits for your financial future. These include the following.<\/p>