Financial Power of Attorney
A power of attorney is a document in which you (the principal) give another adult (the agent) authority to handle transactions on your behalf. It can be effective immediately, regardless of whether you have the mental capacity to handle your own affairs. This is most often the choice of older parents who want help from their kids, or a spouse who travels a lot or is deployed overseas for long periods of time. Regardless, it should be durable, which means it will not terminate upon your disability or incapacity. This is extremely important because most people only want a power of attorney in the event of incapacity.
The Power of Attorney must be written, signed, and notarized to be valid. There are a wide variety of powers you can give your agent, but generally speaking they will have the same power over your property as you do. The agent must act as a reasonably prudent person would, this means they can only spend your money if it is in your best interest.
A power of attorney will end if you revoke it, all appointed agents are no longer able to serve, or you die.
Do you still have questions about creating a financial power of attorney or wonder how they operate? Give us a call at 913-706-8491!
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