Wealth management firm Enviso Capital delivers a diverse array of financial planning services to clients from its San Diego, California-based offices. Among these services, Enviso Capital advises clients on various aspects of estate planning, which can include establishing a durable power of attorney.
Defined as a legal document giving someone else the power to make decisions on behalf of an individual, power of attorney is an indispensable part of most estate plans. “Durable” power of attorney remains active as long as an individual is unable to handle financial or medical matters on their own. In many cases, durable power of attorney takes effect when an individual becomes mentally incapacitated.
In many cases, individuals establish separate powers of attorney for health care issues and finances. Once an individual obtains durable power of attorney for finances, he or she can manage investments, pay bills, and handle other important financial matters on behalf of the person who is incapacitated. In terms of the estate planning process, individuals often establish durable power of attorney to avoid involving the court system in their affairs.
