Power of Attorney: Planning for Incapacity

Personal Finance August 18, 2008 Print Friendly and PDF
Older man in a wheelchair

A durable power of attorney for financial matters is an effective way to arrange the handling of your business and personal affairs if you become unable to do so.

Our ability to handle financial affairs can be diminished by degenerative diseases such as Alzheimer’s, dementia, or serious accidents. It can happen to the young or the elderly. We never know if or when tragedy might strike.

A durable power of attorney is a simple, inexpensive, and reliable way to arrange for the handling of your financial affairs. It allows the designated person to pay bills and file taxes in addition to handling other financial matters. Both a durable power of attorney for health care and a durable power of attorney for finances are needed.

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This work is supported by the USDA National Institute of Food and Agriculture, New Technologies for Ag Extension project.