What is a financial power of attorney?

A financial power of attorney gives an agent authority to handle listed money or property matters for the principal during life. The document defines the powers and when they can be used.

General information

• The agent must act within the document.
• The principal keeps control while capable unless the law or document says otherwise.
• The authority ends at death.

Service steps to consider

1. Considering the choice of a trustworthy agent and backup.
2. Reviewing each power before granting it.
3. Storing the signed document where it can be found when needed.

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.