Financial Power of Attorney
A financial power of attorney appoints someone (your "agent" or "attorney-in-fact") to manage your financial affairs if you become unable to do so.
What Your Agent Can Do
- Pay bills and manage bank accounts
- File taxes
- Manage investments
- Buy or sell real estate
- Run your business
- Apply for government benefits
- Make gifts (if specified)
Types of Powers
- Durable: Remains in effect if you become incapacitated (recommended)
- Springing: Only takes effect upon incapacity (requires determination of incapacity)
- Immediate: Effective immediately upon signing
Choosing Your Agent
Select someone trustworthy, financially responsible, organized, and willing to serve. Consider naming a successor agent in case your first choice cannot serve.