Durable Power of Attorney for Property
Do I need to have a durable power of attorney for property if I have one for health care?
A durable power of attorney for property allows you (the principal) to give authority to another person that you select (your agent) to make financial and legal decisions and conduct financial transactions on your behalf if you become so ill that you are mentally incompetent and unable to make business or legal decisions for yourself. This document is important to have in place at any age in case of accident or illness.
For example, if you were in a car accident and had to take narcotic pain medication, it is likely that you would be mentally incompetent to conduct your own business or legal affairs, and would need to have a durable power of attorney for property in place to make sure that your agent was legally certified to help you with activities like banking and paying bills.
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