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A Financial Power of Attorney permits an agent to transact business and financial affairs on behalf of the principle. A Power of Attorney is a legal document that is created by a principle, which gives another person (Agent / Attorney-in-Fact) the legal authority to act on the principles behalf.
A Financial Power of Attorney is a simple and reliable legal process to arrange for the management of your financial assets and obligations if you become incapacitated or unable to make these decisions for yourself.
If you become incapacitated and have not prepared a power of attorney, a court proceeding is probably required for family or friends to assume responsibility of your financial decisions.
A Financial Power of Attorney is usually limited to financial relationships. A Durable Power of Attorney for Health Care or an Advance Health Care Directive is limited to the scope of medical issues. There are other limited Power of Attorney forms that can address specific responsibilities such as child care, specific assets or business liabilities. A General Power of Attorney can be an all encompassing assignment of legal decision making to an agent.
Like all Power of Attorney assignments, Financial Power of Attorney is a tool to guide family and friends to enact your desires in case you are put in a mental or physical state where you are unable to make legally sound decisions.
A Financial Power of Attorney goes into effect as soon as it is created and signed by the principle. These can be either durable or nondurable. Limitations can be pre-imposed such as medical doctor determination of a level of incapacitation.
In a Nondurable Power of Attorney scenario the power of attorney can be limited to specified transactions and/or specified periods of time.
There are two main legal considerations in preparing a Financial Power of Attorney. The first is determining the scope of the agents authority. The second is choosing who will manage your affairs. The agent can be a family member, a friend or a professional associate. Often times a succession of agents are assigned. These decisions are critical, because this person will have the same legal authority as the principle.
The preparation of Power of Attorney documents is critical in determining how a principle’s interests are carried out if they become incapacitated. Any oversights or errors can put financial assets or valuables at risk. Poor, inept or fraudulent management of finances can create hardship on family members. To change, challenge or revoke an existing Financial Power of Attorney usually requires court challenges and months of contest.
An experienced attorney can assist you in drafting or amending a Financial Power of Attorney, which includes a complete and comprehensive scope of duties and can help you select the proper agent(s).
To find an experienced Financial Power of Attorney Lawyer, contact Attorney Search Network. We can help you find a local and experienced lawyer who will help your case.
If you have any questions about the information provided above, please contact us. Call us toll free at (800) 215-1190 or fill out out online form for your Wills and Estate Planning lawyer referral.