What is a Financial Power of Attorney?

A financial power of attorney is a legal document that lets you appoint an agent to help you manage your finances and property.

These tasks may include banking, paying bills, managing investments, collecting social security benefits, and more.

With a financial power of attorney, you create peace of mind for yourself and your loved ones by entrusting someone to manage your finances and property in the event you’re unable to do these things yourself.  A good financial power of attorney can help avoid a formal conservatorship during periods of incapacity.”

Understanding the Agent’s Roles

The person who is named the agent in a power of attorney is the individual who now has permission to act on your behalf in financial affairs should you become incapacitated.

Some of the jobs that these agents are given include:

  • Paying bills
  • Managing bank accounts
  • Applying for and collecting Social Security, Medicare, or other government benefits
  • Filing and paying taxes
  • Buying, selling, and maintaining real estate
  • Investing money in stocks, bonds, and mutual funds
  • Operating a small business
  • Managing retirement accounts
  • Hiring someone to represent you in court
  • Transferring property into a trust that you have created
  • Claiming property that you inherit

Key Takeaways

A financial power of attorney is a legal document that grants a trusted agent the power to make and execute financial decisions for the principal.  A good financial power of attorney can help avoid a formal conservatorship during periods of incapacity.  The authority granted under a financial power of attorney is automatically extinguished upon the principal’s death.

How We Can Help

Would you like to create or learn more about financial powers of attorney documents?

At the Tingey Law Group PLLC, we can help you create a financial power of attorney tailored to your specific needs.

Call (801) 477-0672 or email info@tingeylawgroup.com and schedule an appointment. We can assist you with their creation and would be happy to answer your questions.