![]() A springing power of attorney should include directions for how and who determines your incapacity. This is often referred to as a springing power. The most common is providing that the power of attorney takes effect upon your incapacity. However, you may execute more limiting powers of attorney. Your agent must act in good faith, in your best interests, and within the scope of authority granted to your agent in the document.Ī general financial power of attorney is effective at moment it is signed by you in the presence of a notary public. ![]() ![]() Your agent should always be someone you trust. However, you are bound by the decisions that your agent makes on your behalf within the authority granted to your agent. Importantly, a financial power of attorney does not remove your ability to make decisions for yourself if you are competent to make decisions. Commonly, among those powers and authorities, your agent will be able to write checks, make deposits, pay bills, take care of your house, your bank account, your car, your retirement plan, enter your safe deposit box, and pay your taxes. You are the principal the other person is your agent, your attorney-in-fact, or, colloquially, your “power of attorney”.Ī financial power of attorney should state the powers and authorities given to your agent. A financial power of attorney does not authorize this other person to make health care decisions for you. Every adult should consider executing a financial power of attorney, but what is a financial power of attorney?Ī financial power of attorney is a document in which you authorize another person to act on your behalf – to make decisions regarding your property and your finances.
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