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What is a durable financial power of attorney?

There are many parts of a person's financial life that can easily become a chore. Some of these duties are things that need to be managed on a monthly, weekly or even daily basis. If these seemingly routine tasks are not carried out, though, there can be long-term consequences.

If someone becomes incapacitated, in one form or another, it can be extremely difficult for that person to complete these financial tasks. In these situations, someone with durable financial power of attorney can step in and help to take over the financial aspects of the incapacitated person's life. A durable financial power of attorney can be assigned in someone's estate plan, giving certain legal and financial control to a capable individual in the event that the planner becomes unable to carry out these tasks on his or her own.

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