What Exactly A Financial Power of Attorney

If you decide to designate an Agent under a financial power of attorney, you are giving your Agent the power to control your finances, including making decisions about your health care. In other words, an Agent is a fiduciary who is legally obligated to act in your best interest regarding your finances.

A Power of Attorney is given to someone you trust to take care of your financial and legal affairs if you are unable to do so. This includes signing legal and financial documents, paying bills, and more. Some examples include the power to:

-Sign contracts that obligate you financially

-Open bank accounts and make withdrawals

-Buy or sell real estate

-Make tax filings and payments on your behalf

A POA can be in a variety of forms, but it should include:

-A limit on how much money the POA can spend or withdraw at a time (for instance, $2,000 per month)

-A limit on how much money the POA can spend or withdraw in total (for instance, $20,000)

-The name of a beneficiary who will inherit any assets left by the person granting the POA

Financial power of attorney is a legal measure that enables a person to authorize another — called an “attorney in fact” — to act on the principal’s behalf with respect to financial matters.

In most states, an agent under a financial power of attorney has the power to make or amend a will, pay taxes, sell property and exercise rights pertaining to securities. It is important to note that different states have different laws regarding financial powers of attorney. One state may allow an agent under this agreement to act in all situations, while another may limit authority to specific circumstances.

Financial Power of Attorney Free Consultation

If you have any questions or in need a Financial Power of Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.

We help you with Estate Planning, Wills, Trusts, Power of Attorney, Health Care Directive, Estate Administration, Probate and More

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.

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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