Financial Durable Power of Attorney
What is a Financial Durable Power of Attorney?
A Durable Power of Attorney (DPOA) for finances authorizes someone you name as your “agent” to make financial decisions for you (the “principal”). As an agent, 406 Financial Services manages the principal’s finances and assets.
The word “durable” means the authority continues even if the principal becomes incapacitated and unable to manage their own affairs. The DPOA does not give authority after the principal’s death, however. After death, the role will typically shift to the executor of the estate or trustee.
- Access and Manage Accounts: The agent can access bank accounts, deposit or withdraw funds, and manage investments
- Pay Bills and Debts: Ensure the principal’s expenses (housing, utilities, medical bills, taxes, etc.) are paid on time
- Handle Income: Manage wages, Social Security, pensions, or other income sources
- Manage Property: May buy, sell, lease or maintain real estate or peronal property, if authorized
- Tax Matters: Prepare, sign and file tax returns
- Legal and Financial Transactions: Sign contracts, apply for government benefits, or handle insurance matters
- Recordkeeping: Keep accurate records of all financial actions taken for accountability
- As a Durable Power of Attorney, 406 Financial Services will always:
- Exercise sound judgement and make prudent decisions
- Prioritize the principal’s needs and avoid any conflicts of interest
- Maintain accurate and detailed records of all financial transactions made on the principal’s behalf
- Set up: $350 one-time fee includes phone calls/emails/meetings and establishment of electronic and physical systems.
- Administrative Fee: 1% of the total assets handled by 406 Financial Services with a minimum of $75/month. This fee is billed monthly.
Interested in Fiduciary Services or have a question? We’d love to hear from you!
We offer free one-hour consultations to learn more about your needs and discuss whether our services may be a good fit.