The Durable Power of Attorney is a legal document that names an agent or “Attorney in Fact” to act on your behalf. The agent has a duty act in your best interest and can “sign” for you. They can have the authority to enter into contracts for you, sell property including real estate, and open or close financial accounts. Some basic power of attorney forms don’t include many of the expanded powers necessary for your agent to act if you are unable.
If you have a power of attorney, check and see if it has provisions pertaining to digital accounts (social media and financial), retirement plans, claims and litigation, tax matters, government benefits, and trust creation. Not only is important to name an agent to act on your behalf but also name a back-up agent in case your agent is unable or unavailable. This is a document that everybody over age 18 should have regardless of your economic status.