GLOSSARY · INSURANCE
Durable power of attorney
A signed document naming an agent to handle someone's financial and legal affairs, which stays in force if that person loses the capacity to decide. Without one, a family may need a court-appointed guardian or conservator to manage the person's money. The requirements and the duties of the agent are set by state law.
Also called: financial power of attorney, POA, springing power of attorney
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CHAPTER · LEGACY & PHILANTHROPY PLANNING · STRATEGIESWills, Guardians and the Documents Every Plan NeedsRELATED TERMS
SOURCES
- Uniform Power of Attorney Act. Uniform Law Commission, 2006.
- Managing someone else's money. Consumer Financial Protection Bureau.