Durable Powers of Attorney
A Durable Power of Attorney is a legal document that gives a person you choose the authority to manage your financial affairs during your lifetime and can also be very helpful if you ever become incapacitated. It deals with assets that were not transferred to your Revocable Trust before you became incapacitated and any assets that you receive afterwards which you do not transfer to your Revocable Trust. With this Durable Power of Attorney, you appoint another individual (the "attorney-in-fact" ) to make financial decisions on your behalf regarding assets not held in your Revocable Trust (your successor trustee will handle trust assets). Under normal circumstances, the successor trustee and attorney-in-fact is the same person and can coordinate and handle all of your property including property held in the Revocable Trust and property held outside the Revocable Trust.
A Durable Power of Attorney expires upon your death so it cannot substitute for a Revocable Trust or Will which provide instructions for the distribution of your assets after your death.
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