Appoint Someone You Trust
A financial power of attorney is a legal document in which you appoint someone you trust to act as your agent regarding your personal, financial and business matters. Everyone should have one, whether young or old. Having a financial power of attorney will avoid the necessity of having the court appoint a guardian over your financial assets if you are incapacitated. It will save thousands of dollars in surety bonds, guardian and attorney fees.
A financial power of attorney can authorize your agent to do the following:
- Write checks, make deposits and deal with your bank accounts.
- Transfer and sell real estate and personal property.
- Transfer and sell motor vehicles.
- Buy and sell stocks, bonds, mutual funds and other securities.
- Access safe deposit boxes.
- Withdraw money from retirement accounts.
- Deal with insurance companies.
- Do almost any other activity you could do.
