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Durable Power Of Attorney For Finances

Terms to Know

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General Power of Attorney: A power of attorney which gives very broad powers to the agent/attorney-in-fact.

Limited Power of Attorney: A power of attorney which is limited to specific powers or specific transactions -- such as the power to pay bills, or to buy or sell real estate.

Power of Attorney for Finances: (sometimes just referred to as a "Power of Attorney"): A legal document that allows you to give an individual or institution (your "agent") the power to make decisions about your property and financial affairs. An agent under a Power of Attorney For Finances does not have a say in decisions about your health. Generally the authority of an attorney-in-fact ends if you become incapacitated or die.

Durable Power of Attorney: A durable general or limited power of attorney is a Power of Attorney for Finances that does not stop if you become incapacitated. A Durable Power of Attorney does not necessarily become that way just by the addition of the word "durable." The law of each state governs the validity of a power of attorney and must be checked to determine the correct wording for residents of that state. In general terms, the laws require the addition of words similar to "this power shall not cease in the event I become incapacitated."

Health Care Power of Attorney: A special power of attorney just for your health care. To learn more, see Health Care Power Of Attorney.

Principal: The person who creates the power of attorney. This would be you.

Agent or Attorney-In-Fact: The individual or institution to whom you give the described powers.

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