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Financial Power of Attorney

A financial power of attorney gives your agent legal authority to handle a wide range of money and property matters on your behalf. Durable or limited, you decide exactly how much authority to grant.

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Financial Power Of Attorney document preview
Financial Power Of Attorney document preview

What is a financial power of attorney?

A financial power of attorney is a legal document that lets you, the principal, name a trusted person, called an agent or attorney-in-fact, to manage your money and property. LegalNature allows you to build this document as durable, so the powers granted persist even after you are incapacitated, or limited, meaning the financial authority granted expires.

Choose the right power of attorney for you

Power of Attorney document preview

Power of Attorney Using a power of attorney enables you to give someone permission to act on your behalf and manage medical, financial, real estate, business, or personal affairs.

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Durable Power of Attorney document preview

Durable Power of Attorney Stays valid even if you become incapacitated — the most common choice for long-term financial and estate planning.

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Healthcare Power of Attorney document preview

Healthcare Power of Attorney Authorizes a trusted person to make medical decisions if you are unable to communicate your wishes, including end-of-life care and treatment choices. Also referred to as a medical power of attorney in many states.

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Create a financial power of attorney in your state

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When you may need a financial power of attorney

A financial power of attorney is useful any time you want someone else legally authorized to handle your finances, whether temporarily or for the long term.

  • Aging or declining health: Name an adult child or trusted relative to manage bills, accounts, and property if your health makes it difficult to keep up with your finances yourself.
  • Travel or deployment: Give someone authority to handle financial matters, like signing documents or managing accounts, while you're out of the country or unreachable.
  • A real estate closing you can't attend: Authorize your agent to sign on your behalf at a closing when you can't be physically present.
  • Planning ahead for incapacity: Make sure a trusted person can step in immediately, without a court proceeding, if illness or injury leaves you unable to manage your own affairs.

Create your financial power of attorney in 4 easy steps

  1. Name Your Agent

    Your appointed representative, often called an agent, must be 18+ and is legally bound to follow your instructions and act on your wishes. Choose someone trustworthy, typically a close friend or family member.

  2. Communicate Your Wishes

    You may determine exactly which decision-making powers you wish to grant your agent in addition to any special instructions. A financial power of attorney is limited in scope to business and financial decisions.

  3. Review and Sign Your Document

    A power of attorney document must be signed and notarized in order to be valid. Several states require witnesses as well.

  4. Distribute Copies

    Once your financial power of attorney is complete, copies should be made and distributed to all parties, including the principal, agent, and any third parties, such as healthcare providers.

Why create a power of attorney?

Creating a power of attorney document is a crucial step in estate planning and personal management for several important reasons:

  • Preparation for incapacity: A durable POA ensures that someone you trust can make decisions on your behalf if you become unable to do so due to illness, accident, or mental decline.
  • Avoiding guardianship: By designating an agent through a POA, you can prevent the need for a court-appointed guardian or conservator, which can be costly and time-consuming.
  • Financial management: A POA allows your chosen agent to handle your financial matters and make financial decisions on your behalf, including paying bills, managing investments, and protecting assets.
  • Clarity of intent: A well-drafted POA clearly communicates your wishes, reducing potential conflicts among family members about your financial management.
  • Asset protection: A comprehensive POA can enable your agent to engage in asset protection strategies if needed, potentially saving significant amounts of money.
  • Flexibility: You can customize a POA to be as broad or specific as you want, tailoring it to your unique needs and circumstances.
  • Peace of mind: Having a POA in place provides comfort, knowing that your affairs will be managed according to your wishes even if you are unable to do so yourself.
  • Convenience: A POA can be useful for handling financial or legal matters when you are unavailable due to travel or other commitments.
  • Protection for the agent: A properly drafted POA can protect your chosen agent from allegations of financial abuse by clearly outlining their authority.
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Why choose LegalNature?

Why choose LegalNature?

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