A financial power of attorney is a legal document that allows you to give an appointed individual the legal authority to manage your finances and property. This authority could include the ability to pay bills on your behalf, make bank deposits or withdraws, collect insurance benefits, and more. The person you appoint to make these financial decisions for you is known as your agent or your attorney-in-fact.
It’s important to have a financial power of attorney in place for everyone because you never know when something unexpected may happen such as a sudden accident, injury, or illness. By having this document in place with a trusted financial agent to manage your finances and property in the event you are not able to make those decisions yourself, you are creating peace of mind for yourself and your loved ones.
