Power of Attorney. Download online state specific power of attorney forms
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To better understand the issues relating to your legal situation or problem, our legal information and other law related facts may be of interest to you
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There are generally two reasons for the preparation of financial POA. The first is when you contemplate the need for completing financial transactions during a period when you shall not be physically present to complete the transactions yourself.
For example, suppose Tom Jones has contracted to sell his vacation home in Florida next month but has important business to attend to in Michigan the same day as the real estate closing in Florida. In such circumstances, it would be customary for Tom Jones to execute a financial POA in favor of an agent (also called an "attorney-in-fact") who could attend the real estate closing in Florida while he is in Michigan and execute all necessary Legal documents on his behalf to complete the sale.
Persons with physical handicaps or limitations often execute financial POAs in favor of family members as agent to the allow the family member to do such routine matters as making withdrawals from the principal's bank account as it would otherwise be a burden for the principal with physical limitations to make the short trip personally to perform the transaction. The second reason for preparation of a financial POA is preventative in nature.
If you lose the mental capacity to handle your own financial affairs, without a durable Power of Attorney, your family members will need to go to court and have a guardian or conservator appointed over your assets. If you have previously executed a durable Power of Attorney and then lose mental capacity, the agent named in your POA will be able to handle your financial affairs without the time and attorney fees necessary of going to the court to get a guardian / conservator appointed.
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Return to all Power of Attorney legal information
Legal Articles about Power of Attorney
Power of Attorney Frequently Asked Questions
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