What Is Financial Power Attorney?

A financial power attorney is a special type of power attorney that authorizes someone to manage your finances on your behalf. It’s a legal way to delegate the responsibility of making decisions about your financial matters to someone else who you trust (like a spouse or child), and it can be helpful for those who are unable to make decisions for themselves, such as in cases where a person becomes incapacitated.

A power of attorney must be properly prepared and processed through the court system, like any other legal document. Here are some guidelines for setting up a financial power attorney:

• The document must be signed by the person granting the authority, with witnesses present
• The grantor must be competent, meaning mentally capable and aware of their situation
• The grantor should sign in front of a notary or two witnesses
• The grantee must be eighteen years old or older
• All parties involved must appear together in court to sign the document, which must then be filed with the court

There are a few situations when it can be really useful to appoint a financial power attorney, also called a “fiduciary” or an “attorney-in-fact.” This is someone who will act on your behalf with respect to financial matters. You can use this person to manage your bank accounts, pay bills, etc.

In addition to the situations below, it can be helpful for non-seniors to name a fiduciary for their affairs if they’re going overseas and won’t be available to manage their own finances.

The first thing to know when you want to create a financial power of attorney is that it’s not the same as a living will.

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, 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/

https://parkin-law.business.site/