A durable financial power of attorney is designed to extend authority to another individual to manage the financial affairs of the person who creates the instrument. In order for a financial power of attorney to be legally effective, it must be prepared in a certain manner. Although the laws governing financial powers of attorney are matters of state statute, the requirements for preparing them are usually the same in all jurisdictions. Selecting an Agent-in-Fact The first step in creating a financial power of attorney is selecting what is known legally as the agent-in-fact. This is the...
How to Prepare a Durable Financial Power of Attorney