What can an agent do under a financial power of attorney?

An agent can do only what the document and law allow. Powers may cover banking, bills, taxes, insurance, investments, real estate, benefits, or business matters.

General information

• Some high-risk powers must be stated expressly.
• The agent must keep the principal's money separate and keeping records.
• A power does not transfer ownership to the agent.

Service steps to consider

1. Grant only powers that are understood and needed.
2. Considering whether to give the agent recordkeeping instructions.
3. Possible resource or approach: legal advice for gifts or major transfers.

Quick check

• Do I trust this agent with money?
• Are the listed powers clear?
• Can the agent find the signed form?

How Complete Wills can help

Complete Wills includes a financial power of attorney in its will-based and trust-based packages. The questionnaire can prepare the document from the customer's selections. Customer support cannot decide which powers to grant, when authority begins, or who serves as agent. Customer support can explain website features and questionnaire fields, but it cannot choose documents, people, distributions, or legal terms, interpret a completed document, or explain how the law applies to a person's facts. Only a separately engaged licensed attorney may provide legal advice within the attorney's engagement.

Important limits

• Power-of-attorney law and form rules vary by state.
• A licensed attorney can provide advice about gifting powers, business authority, Medicaid planning, real-estate transfers, or concerns about abuse. This article gives general information only. A licensed attorney can explain how state law applies to a specific estate plan or document.