Financial Power of Attorney

You have the option to decide whether or not you want your POA to take effect immediately (even if you’re not incapacitated) or take effect only under special circumstances (like if you ever become mentally incapable).

Your Financial POA’s power ends upon your death, however you can revoke their authority at any time. Financial POA can also end if a court rules it invalid or if your POA becomes unable to fulfill their responsibilities for whatever reason.

A Durable Financial Power of Attorney is simply your Financial Power of Attorney who you’ve given the authority to make financial decisions on your behalf in the event you’re incapacitated.

You can choose to make your Financial POA “not durable”, meaning they can only make decisions for you when you’re fully competent (but perhaps, temporarily unavailable) — however, this is typically uncommon for Estate Planning purposes.

Having a Financial POA is so important because you never know when you’re going to need someone to make those critical financial decisions. And planning in advance is the best way to ensure your wishes will be followed with your best interest in mind.

Legally, your Financial POA simply has to be at least 18 years old and of sound mind. More importantly however, your agent should be someone you trust. A spouse, family member, or someone you know with a smart financial sense are all good options.