What is a financial power of attorney?


A financial, or general durable, power of attorney is a legal document in which you name agents who can act on your behalf in a legal or financial decision-making scenario. Generally speaking, you want to have a person that is known to you to be able to make payments on your behalf, financial decisions, complete contracts, attend mortgage closing, and also represent your legal interests, if you have any, when you are incapacitated.

A financial or general durable power of attorney can take a couple of different forms. The traditional general durable power of attorney is effective as soon as you sign it, that means that your agent can begin acting on your behalf right away.

A different version is what’s called a springing power of attorney. That is a document that does the exact same thing as the traditional power of attorney, except it does not become effective unless you become incapacitated as determined by one or two practicing physicians that are overseeing your care.

Schedule your consult today with Parks and Meade, so that you can sit down and speak with an experienced estate planning attorney before entering into any kind of legal documents such as a financial power of attorney.

You can learn more about the options with power of attorney on our website here: https://parksandmeade.com/best-estate…

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