A Financial Power of Attorney, also referred to as a General Durable Power of Attorney, is a document which provides an individual (referred to as an agent or attorney-in-fact) with the authority to manage a client’s financial affairs, in the event that the client is no longer capable of making his or her own financial decisions, either due to incompetency or absence.
A Financial Power of Attorney typically goes into effect upon the written opinion of a physician that the client is incompetent, or can become effectively immediately upon signing, depending upon the desire of the client.
A Financial Power of Attorney can give an agent the authority to make any and all financial decisions that the client would otherwise be able to make if the client was competent, including: executing documents; entering into agreements; managing bank accounts and investment accounts; managing real estate; and dealing with other financial matters. The Financial Power of Attorney can also be customized to address limited financial or legal matters.
A Financial Power of Attorney is only effective during the life of the client and can be revoked: at the direction of the client; upon the death of a client; upon the expiration of a specified period of time; or upon the occurrence of a specific designated event.
A Financial Power of Attorney can negate the need to have a conservator appointed by a Court to manage the financial affairs of the client, or to take action on behalf of the client.
Below is a link to a sample General Durable Power of Attorney: