What is a financial power of attorney?

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A financial power of attorney is a legal document that provides rights to an agent of your choice who can act on your behalf with your financial assets and accounts. It can be used for financial transactions or protection if you become incapacitated or disabled.

Significance

A financial power of attorney can ensure that your financial resources and estate will be secure if you aren't able to be responsible for them.

Considerations

A durable power of attorney remains in effect if you become incapacitated. A non-durable power of attorney expires if you become incapacitated or disabled.

Limitations

Your agent will not be able to issue loans or gifts or receive pay from your assets, unless you specifically grant them the rights to do so.

Exclusions

Your agent isn't able to make changes to your will or living will. Health care decisions are also excluded from a financial power of attorney.

Expectations

You have the right to request a regular accounting of how your assets are being managed.

Revocation

You may revoke your financial power of attorney assignment at any time. You can do this in writing or verbally.

Source:

Caregiver.com

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What is a financial power of attorney?

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