March 23, 2018

What is a Durable Power of Attorney for property management?

A Durable Power of Attorney (DPA) is a document that when properly executed will allow an agent to act on your behalf. A DPA for property management is a simple and reliable way to arrange for someone that you trust to make your financial decisions should you become unable to do so yourself.

If you do not have a DPA, a court proceeding will be required to give your loved ones authority over your financial affairs. This can be an expensive and public process. Many married couples think that they do not need such a document because everything is in both names. The truth is that your spouse has limits on his/her ability to deal with affairs, particularly on the selling of property owned by both of you.