Money Matters: Why You Need a Durable Power of Attorney

For many, the onset of a degenerative disease that erodes their basic cognitive functionality is a fear-inspiring possibility. The idea of slipping into a demented state and losing precious memories, losing one’s identity, is a magnificently terrifying scenario. So, it is not surprising that many of us put off or refuse to acknowledge the need for a durable power of attorney.

A power of attorney allows a previously identified individual or financial institution to execute specified financial transactions on your behalf in case of your incapacity. These transactions may range from something as simple as paying bills to complex undertakings such as selling property or filing tax returns.

A commonly recommended power of attorney is a durable power of attorney. This document is effective upon signing and remains in effect though incapacity up to death. As long as you are competent, you may revoke this power of attorney at any time.

See Marc Hebert, Money Matters: Why You Need a Durable Power of Attorney, WMUR 9, July 6, 2017.