Get your free financial scoreSign inYour data on this device
Free to use. No account required.

What is a durable power of attorney and why is it separate from my will?

A durable power of attorney (POA) lets someone you name manage your finances if you become incapacitated while you're still alive. Your will, by contrast, only takes effect after death; it does nothing while you're incapacitated. Without a durable financial POA, your family may have to go to court to get a guardianship or conservatorship to pay your bills or manage accounts, an expensive, slow, public process.

'Durable' means it stays valid even after you lose mental capacity, which is exactly when you need it. You can make it effective immediately or only upon incapacity (a springing POA). Pair it with a healthcare power of attorney for medical decisions. These documents are foundational; even young adults should have them.

All questionsBrowse the articles
Educational disclaimer. Everything on WealthSerene.com is educational and is not investment advice. Projections and calculations are illustrative; actual results depend on market conditions, your situation and factors outside this tool’s scope. For a decision specific to your situation, consult a qualified financial professional. View full disclosures