What is a Durable Power of Attorney?

A Durable Power of Attorney for finances is a document which appoints another person to oversee your non-trust finances in the event you become unable to handle your finances yourself. When there is no Durable Power of Attorney in place and a person is unable to make financial decisions, the probate court must become involved through the conservatorship process. A conservatorship is the method by which a person is appointed to handle the disabled person’s finances. Conservatorships require many filings and accountings to be made to the court. In addition, they are expensive due to attorney’s fees and costs. Moreover, assets can only be transferred with prior court approval. The need for a conservatorship can be avoided by using a Durable Power of Attorney for finances.