What Is Financial Power Attorney?

Having a financial power attorney (POA) is a legal document that allows you to appoint an adult to take over your financial and legal affairs. It’s especially helpful if you can’t make decisions on your own due to illness, cognitive impairments, or other health issues.

A financial power attorney allows an agent to make financial decisions for you, such as accessing accounts, paying bills, filing taxes, opening and closing bank accounts, and transferring funds. However, it’s important to remember that you’ll need to keep your own money separate from the funds your agent will access. If you want to use an agent to make financial decisions, make sure that you select a person you trust.

A financial power of attorney should only be granted if you think the agent will do the best for you. This can be difficult if you don’t know someone very well. If you don’t want to have to go through a court case to regain control, make sure that you pick an agent who is trustworthy.

You’ll also need to decide what types of financial matters your agent can handle. You may want an agent who can make decisions regarding your health insurance, real estate interests, and insurance policies.

If you want an agent to handle your finances, you’ll need to make sure that the person you choose has the proper education and experience to handle these matters. It’s also important to choose an agent who is trustworthy and responsible.

Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.

Financial Power Attorney Free Consultation

If you have any questions or in need a Financial Power Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.
We help you with Financial Power Attorney, Estate Planning, Wills, Trusts, Power of Attorney, Health Care Directive, Estate Administration, Probate and More

When you need a Lawyer, contact this law firm:

Parklin Law

5772 W 8030 S, # N206
West Jordan UT 84081
(801) 618–0699
https://www.parklinlaw.com/

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