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Financial Power of Attorney
Financial Power of Attorney in Bloomington, MN
What Is a Financial Power of Attorney?
A financial power of attorney is a legal document that gives someone else the authority to make financial decisions on your behalf in the event that you are unable to make those decisions for yourself. This document is often referred to as an “agency” or “POA” and can be limited in scope to certain decisions or broad in scope to cover all financial decisions.
The person you designate to make these decisions is called an “agent” or “attorney-in-fact.” The document is drafted with the specific instructions for how the agent is to make these decisions. It is important to note that the financial power of attorney does not give the agent the authority to make non-financial decisions for you.
When Is It Useful to Have a Financial Power of Attorney?
Having a financial power of attorney is useful in a wide variety of situations. This document can be helpful in many situations, including:
- When you are incapacitated, such as in the event of a serious accident or a long-term illness
- When you are incarcerated
- When you are traveling abroad
- When you are approaching old age and are concerned about your ability to make financial decisions in the future
- When you are caring for a loved one who is incapacitated
- When you are caring for a child who is still in school
- When you have a business and are concerned about your ability to handle financial decisions while you are away
How to Create a Financial Power of Attorney
Creating a financial power of attorney is a simple process. You simply need to draft a document that clearly defines the agent’s authority and the specific instructions for how the agent is to make financial decisions on your behalf. This document should be signed by both you and the agent and then notarized. It is important to keep a copy of this document in a safe place, such as in a safe deposit box.
When Does a Financial Power of Attorney Expire?
A financial power of attorney will expire after a specific time period, which is defined in the document itself. However, you can extend the expiration date of this document at any time. If you are concerned about your ability to make financial decisions in the future, it is important to extend the expiration date of your current document.
For example, if your current document has an expiration date of five years, you should draft a new document that extends the expiration date by another five years. This will ensure that your financial power of attorney will remain valid for a longer period of time.
Contact Our Financial Power of Attorney Lawyers
Empower your financial decisions! Get a financial power of attorney for peace of mind. Our experienced team at Sandahl & Damhof will protect your assets and manage financial matters when needed. Plan for the future and secure your financial well-being. Consult us today for expert guidance and personalized solutions
For more information about financial power of attorney in Bloomington, MN, please call 612-448-3898 or contact us online.
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