Financial Power Of Attorney

What is a Financial Power of Attorney?

A Financial Power of Attorney is a legal document that allows you to appoint someone to make financial decisions on your behalf if you become unable to do so yourself. This appointed person is known as your attorney or agent.

Why is a Financial Power of Attorney Important?

Having a Financial Power of Attorney in place ensures that your financial affairs are managed according to your wishes in case you are unable to make decisions due to illness, injury, or absence.

How to Create a Financial Power of Attorney

To create a Financial Power of Attorney, you need to:

• Choose a trusted individual to act as your attorney.
• Determine the scope of authority you want to grant.
• Consult with a qualified legal professional to draft the document.
• Sign the document in the presence of witnesses as required by law.

Frequently Asked Questions

1. Who can I appoint as my financial attorney?

Any competent adult can be appointed as your financial attorney. It is advisable to choose someone trustworthy, responsible, and capable of managing financial matters.

2. Can I revoke or change my Financial Power of Attorney?

Yes, you can revoke or change your Financial Power of Attorney at any time as long as you are mentally competent to do so. It is recommended to consult with a legal professional to ensure the proper steps are followed.

3. When does a Financial Power of Attorney come into effect?

A Financial Power of Attorney can come into effect immediately or upon a specified event, such as your incapacity. The document should clearly outline when the powers granted to your attorney begin.