FINANCIAL POWER OF ATTORNEY PACKET
WHAT IS A FINANCIAL POWER OF ATTORNEY?
It allows you to name one or more persons to help you handle your financial affairs.
Depending on your individual circumstances, you can give this person or persons
complete or limited power to act on your behalf. This document does not give
someone the power to make medical decisions or personal decisions for you.
WHAT CAN MY AGENT DO?
The "Agent" is the person you give power to handle your financial affairs.
The "Principal" is you.
Your decision to use this document is a very important one and you should think
carefully about what financial decisions you want your Agent to make for you. With this
document, you can give your Agent the right to make all financial decisions or only
certain, limited decisions.
For example, you can allow your Agent to handle all your financial affairs, including
the power to sell, rent, or mortgage your home, pay your bills, cash or deposit checks,
buy and sell your stock, investments, or personal items, or you can allow your Agent to
handle only certain or specific financial affairs such as to pay your monthly bills.
DO I GIVE ALL MY POWERS AWAY?
No. Even with this document, you can still handle your own financial affairs as long as
you choose to or are able to.
You need to talk to your Agent often about what you want and what he or she is doing
for you using the document. If your Agent is not following your instructions or doing
what you want, you may cancel or revoke the document and end your Agent's power to
act for you.
HOW DO I REVOKE MY FINANCIAL POWER OF ATTORNEY?
You may revoke your financial power of attorney by writing a signed and dated
revocation of power of attorney and giving it to your Agent. You should also give it to
anyone who has been relying upon the financial power of attorney and dealing with your
Agent, such as your bank and investment institutions.
Unless you notify all parties dealing with your Agent of your revocation, they may
continue to deal with your Agent. You should contact a lawyer if your Agent continues to
act after you have revoked the power of attorney.
WHEN DOES MY AGENT'S AUTHORITY END?
As long as you are living, the financial power of attorney will remain in effect even if
you become incapacitated or unable to communicate your wishes unless:
(1) A guardian is appointed for your property; or
(2) You include a date or specific occurrence when you want your document to be