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V. Durable power of attorney for finances.

A durable power of attorney for finances allows you to designate a person, your "agent," to take care of your finances if you are unable to do so yourself. A general power of attorney for finances authorizes your designated agent to control a broad range of financial matters, including paying your bills, cashing your checks, or receiving benefits.

Alternatively, you can limit the powers of your agent, in a limited power of attorney for finances, to a specific timeframe, or to specific functions.

Executing a general or limited power of attorney for finances can save the expense and difficulty of a conservatorship or guardianship proceeding, or can prevent intervention by blood relatives in one's financial affairs, in the case of incapacity.

The designation of power of attorney should not be taken lightly, however. By designating a person to be your agent, you are giving your agent very broad rights to handle your finances, including the ability to empty your bank account. Your agent should be someone who not only knows how to handle money, but also someone you trust, without reservation.

You should provide copies of your Durable Power of Attorney for Finances to your bank and other financial institutions. Some institutions require you to use their own form, so you should check with your bank and other institutions to determine if this is the case.

A sample durable power of attorney for finances can be found at Appendix C.
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Publication:Life Lines: Documents to Protect You and Your Family in Times of Trouble
Date:Jan 1, 2003
Previous Article:IV. Hospital visitation authorization.
Next Article:VI. Authorization for consent to medical treatment of minor.

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