• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
Unsworth LaPlante is open for in-person meetings! We have taken precautions in our office to ensure the safety and well-being of our clients and staff. To learn more about how Unsworth LaPlante is helping people through the COVID-19 pandemic, click here.

Unsworth LaPlante, PLLC

Vermont Estate Planning Attorneys

Vermont: (802) 879-7133

Attend A Free Webinar
  • Home
  • Our Firm
    • About Our Firm
    • Meet Our Team
  • Services
    • Elder Law
    • Estate And Gift Tax Figures
    • Estate Planning
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
  • Resources
    • Articles
    • Elder Law Reports
    • Elder Law Resources
      • Burlington
      • Free Estate Planning Seminars
      • Montpelier
      • Rutland
      • St. Johnsbury
      • White River Junction
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Estate and Gift Tax
      • Estate Planning
      • FAQs for Families Without an Estate Plan
      • Incapacity Planning
      • IRA & Retirement Planning
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Medicaid
      • Pet Planning
      • Special Needs Planning
      • Trust Administration
      • Trusts
      • Wills
    • Is Your Estate Plan Outdated?
    • Medicaid Resources
      • Medicaid Analysis Worksheet
      • Medicaid Guide
      • Vermont Medicaid
    • Newsletters
    • Presentations
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
    • Top Estate Planning Techniques
  • Webinars
  • Communities We Serve
    • Burlington
  • Reviews
    • Our Reviews
    • Review Us
  • BLOG
  • Contact
Home » Financial Power of Attorney Explained

Financial Power of Attorney Explained

February 1, 2013 by Stephen Unsworth

A durable financial power of attorney is a simple document helping you to plan ahead for someone to manage your affairs should you become incapacitated or unable to make your own sound decisions. This document is a good idea if you want to help your loved ones avoid the delay, hassle, and expense associated with court proceedings to determine their right to manage your interests. The financial power of attorney typically takes effect as soon as you sign it. You can also create a ‘springing durable power of attorney,’ which prevents your POA from becoming effective until a doctor declares you incapacitated.

You must choose an agent you can trust, as the job of the person holding the POA carries heavy responsibility. They have the right and obligation to manage your finances, property, and personal matters, making major decisions that can have some a major impact on your life and assets.

Your financial power of attorney must be specified as durable; otherwise, a court can revoke the POA when you become incapacitated. A durable financial POA ends when you die. You cannot use this document to designate the same agent to handle your affairs after your death. This does not mean you cannot name them as the executor of your estate. You will simply have to take further measures to do so. The POA also ends if you revoke it, you divorce, the court invalidates the POA, or no agent is available. Because of this, it is a smart estate planning move to keep your document valid and current, and to make additional provisions to avoid the invalidation of your financial power of attorney.

 

  • Author
  • Recent Posts
Stephen Unsworth
Stephen Unsworth
Stephen A. Unsworth is admitted to practice in both Vermont and Maine, and has more than 30 years of experience in estate planning and business law. His mission is to provide quality estate planning services, including assistance with Living Trusts, Wills, Medicaid Planning, Probate, Trust Administration, Powers of Attorney, Special Needs Planning, and Family Limited Partnerships.
Stephen Unsworth
Latest posts by Stephen Unsworth (see all)
  • Words to the Wise: Five Estate Planning Suggestions - March 1, 2021
  • Updating Your Plan: Beneficiary Designations - February 26, 2021
  • Four Inheritance Planning Tips for Blended Families - February 17, 2021

Filed Under: General

Other Articles You May Find Useful

Burlington Elder Law Attorneys
Estate Planning Considerations for a Second Marriage
Burlington Medicaid Attorneys
How Many People Rely on Medicaid?
durable power of attorney
What if Your Power of Attorney Isn’t Durable?
Vermont inheritance laws
Vermont Inheritance Laws for Minor Children
Asset protection strategies
What are Some of the Top Asset Protection Strategies?
Unsworth LaPlante, PLLC
What’s Behind Soaring Medicare Prescription Costs?

Primary Sidebar

Elder Law and Medicaid Planning Attorneys

Unsworth LaPlante, PLC

DOWNLOAD OUR FREE ESTATE PLANNING WORKSHEET

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.
  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

Blog Subscription

  • This field is for validation purposes and should be left unchanged.

Essex Junction, VT

26 Railroad Ave
Essex Junction, VT 05452
United States (US)
Phone: (802) 879-7133
Fax: (802) 879-0408

Map

unsworth_sidbr_map

Office Hours

Monday8:00 AM - 5:00 PM
Tuesday8:00 AM - 5:00 PM
Wednesday8:00 AM - 5:00 PM
Thursday8:00 AM - 5:00 PM

Footer

footer-logo
  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

The information on this Vermont Attorneys & Lawyers / Law Firm website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

American Academy of Estate Planning Attorneys, Inc. Privacy Policy | Contact Us | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys

© 2021 American Academy of Estate Planning Attorneys, Inc.