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Simple English definitions for legal terms
durable power of attorney for finances
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A quick definition of durable power of attorney for finances:
A durable power of attorney for finances is a legal paper that lets someone else handle your money if you can't do it yourself. This person is called an agent or attorney-in-fact. You might sign this paper if you get sick or hurt and can't take care of your money anymore. You might also sign it if you want to share your money with someone else for safety. For example, a mom might sign it so she can share her money with her daughter after her husband dies.
A more thorough explanation:
A durable power of attorney for finances is a legal document that allows someone to manage another person's financial affairs. The person who is given this authority is called an agent or attorney-in-fact. This document is often used to protect an individual's finances if they become incapacitated or unable to manage their own finances.
One example of a durable power of attorney for finances is when a person wants to share their finances with another person for financial security. For instance, a widow may sign a durable power of attorney for finances to share a household and finances with her daughter after her husband dies.
Another example is when an individual becomes incapacitated due to an illness or injury. In this case, the durable power of attorney for finances allows the agent to manage the individual's finances on their behalf.
These examples illustrate how a durable power of attorney for finances can be used to protect an individual's financial interests and ensure that their finances are managed properly, even if they are unable to do so themselves.
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