Durable Financial Power of Attorney

Choosing Someone You Trust to Help When You Need It

Estate planning is not only about what happens after death. It is also about making sure that someone you trust can help you with important financial or legal matters if the need arises.

A durable financial power of attorney allows you to appoint a trusted person – called your agent – to act on your behalf concerning financial and property matters. Under Michigan law, a power of attorney is generally effective when it is executed unless the document provides that it will become effective at a later time or upon a specified event, such as incapacity.

Your agent’s authority can be tailored to your needs and may include such matters as managing bank accounts, paying bills, dealing with real estate, handling insurance matters, communicating with financial institutions, and taking care of other financial responsibilities.

Without appropriate advance planning, family members may need to seek court involvement if you become unable to manage your own financial affairs. In some circumstances, that can mean asking a probate court to appoint a conservator.

A carefully prepared durable power of attorney gives you the opportunity to decide in advance whom you trust to act for you and what authority that person should have.