The durable Financial Power of Attorney is a way to allow someone to manage your finances in the event that you become incapacitated and unable to make those decisions for yourself. The Financial Power of Attorney grants someone legal authority to act on your behalf for financial issues.
If you become disabled and lose the capacity to deal with your finances yourself, someone will have to establish a conservatorship over your finances. Doing so is expensive. If you have prepared a living trust or a financial power of attorney, a conservatorship is not needed and the person you have designated will handle your finances.
