Financial Power of Attorney
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Do you need to provide a Financial Power of Attorney to somebody close to you? Or do you just need to know how to write a Financial Power of Attorney? This document is a legally binding agreement between you and the person to whom you are granting the power. Make sure to read it carefully before signing. Have your attorney review it to ensure it meets all legal requirements. Download this Financial Power of Attorney now!
What is a Financial Power of Attorney?
A Financial Power of Attorney (POA), also known as a Durable Power of Attorney for Finances or a Financial Power of Attorney document, is a legal instrument that allows an individual (the "principal") to appoint another person or entity (the "agent" or "attorney-in-fact") to manage their financial affairs and make financial decisions on their behalf. This document is used in situations where the principal may become unable to handle their financial matters due to reasons such as illness, incapacity, or absence.
Here are the key aspects and functions of a Financial Power of Attorney:
- Agent's Authority: The Financial Power of Attorney grants the agent specific powers to act on behalf of the principal in financial and legal matters. The extent of these powers can be broad or limited, depending on the terms outlined in the document.
- Durable Power of Attorney: Many Financial Powers of Attorney are "durable," meaning they remain in effect even if the principal becomes incapacitated. This is important for situations where the agent needs to manage the principal's affairs during a period of illness or disability.
- Specific Powers: The document can specify the financial matters that the agent is authorized to handle. Common powers granted to the agent include managing bank accounts, paying bills, investing, buying or selling property, and making decisions about retirement accounts.
- Agent Selection: The principal selects the agent, and this individual should be someone the principal trusts to act in their best interests. It's typically a close family member, friend, or a professional, such as an attorney or financial advisor.
- Limitations: The principal can include limitations or restrictions in the Financial Power of Attorney, specifying certain actions the agent cannot take. For example, the document can prohibit the sale of a specific property.
- Termination: The principal can specify when the Financial Power of Attorney becomes effective and when it terminates. Some documents are immediately effective, while others only come into play upon the principal's incapacity.
- Accountability: The agent is typically required to keep detailed records of all financial transactions and decisions made on behalf of the principal. This transparency helps ensure that the agent acts responsibly and in the principal's best interests.
- Revocation: The principal can revoke or terminate the Financial Power of Attorney at any time, as long as they are of sound mind and capable of making decisions.
This Financial Power of Attorney helps to structure and communicate in a professional way with those involved and covers the following applicable powers:
- Safe-deposit box
- Banking
- Lending or borrowing
- Taxes
- Insurance
- Government benefits
- Retirement plan
- Real estate
- Personal property
- Power to manage property
- Gifts and donations
- Legal advice and proceedings
- Special directives
- Authority of attorney-in-fact
- Liability of attorney-in-fact
- Amendment of revocation
- Reimbursement of Attorney-in-fact
- Applicable law
- Copies
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