Financial Powers of Attorney

February 10, 2014

A Financial Power of Attorney (POA) is a legal documents that give someone else–your attorney-in-fact–the power to act for you. (A Health Care Power of Attorney is different; stay tuned!) POAs seem simple, but while they are not especially complicated tools, they’re more than a “sign here” form.

Option 1:  Is your POA durable? A durable POA lets your attorney-in-fact act even if you suffer from a lack of mental capacity. The law defaults to “the power ends if the principal lacks mental capacity,” so if you are giving someone a POA so he or she can act if you have a stroke, dementia, etc., you’ll most likely want it to be durable.

Option 2:  Does your POA

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