Written by Benjamin Kingsley

Do you have questions about or need assistance with a power of attorney? Please click here to email us at contact@legalandme.com.

Do you need a power of attorney form? We make a do-it-yourself power of attorney: finance power of attorney or healthcare power of attorney.

A financial power of attorney, sometimes referred to as a general power of attorney, is an important legal document that grants an individual (known as the agent or attorney-in-fact) the authority to manage financial affairs on behalf of another person (known as the principal). This powerful legal instrument is designed to ensure that the principal’s financial matters can be handled efficiently and effectively, even if they become incapacitated or unable to manage their own affairs.

The term “general power of attorney” is often used interchangeably with “financial power of attorney” because it typically encompasses a broad range of financial responsibilities. However, it is important to note that a general power of attorney may also include non-financial matters, depending on how it is drafted. The scope of authority granted in a financial power of attorney can be tailored to meet the specific needs and wishes of the principal.

Financial powers of attorney are essential estate planning tools that provide peace of mind to individuals concerned about their future financial well-being. They allow the principal to designate a trusted person to step in and manage their finances if necessary, ensuring that bills are paid, investments are managed, and other financial obligations are met. This legal document can be particularly valuable in situations where the principal becomes incapacitated due to illness, injury, or advanced age.

Do you have questions about or need assistance with a power of attorney? Please click here to email us at contact@legalandme.com.

Do you need a power of attorney form? We make a do-it-yourself power of attorney: finance power of attorney or healthcare power of attorney.