Durable Power of Attorney
A durable power of attorney allows you to designate a person (your "attorney-in-fact") with the power to make financial transactions on your behalf. You can elect to make these powers to access and control your finances available only upon your disability or incapacity. This means that your attorney-in-fact would be required to obtain a letter from a physician certifying that you are unable to manage your affairs before accessing and exercising control over your assets. It can also be drafted to become effective immediately, without the need for physician certification.
This document is fully revocable for so long as you are competent to revoke it. Your attorney-in-fact is accountable for all actions they take over your assets. Actions taken by your attorney-in-fact must be for your benefit, or consistent with your prior use of your assets. Indiana has detailed laws regarding who may request such an accounting, how often it may be requested, and what form the accounting must take. Your attorney-in-fact should carefully document every transaction they make using this power so that there is no question that funds were used for your benefit.
Finally, a person whom you have designated as your durable attorney-in-fact will be entitled to preference as guardian over your estate in the event you are incapacitated and a guardianship action is commenced.
Disclaimer: This summary is not intended to be comprehensive, and should not be construed as legal advice for your particular situation. Nothing in this website is intended to substitute for legal representation.