Financial Power of Attorney
What is a Financial Power of Attorney? A Financial power of attorney is a document that allows another person (called the agent) to make financial decisions for you when you no longer are able to. For example imagine you are in a coma and are no longer able to make financial decisions then you would want someone that you trust to make such decisions.
What are examples of financial decisions that my appointed agent can make on my behalf? The agent can be given the authority to invest your money, pay bills from your finances, buy or sell real estate, and collect and deposit profits in your bank or checking accounts.
Who should I appoint to be my agent? We recommend that you appoint someone that you trust to make very important financial decisions.
Is it expensive to draft a Financial Power of Attorney? Usually no. It depends on your circumstances and a number of different factors. Many attorneys will provide you with a free quote. Here at Farjo Law P.L.L.C. we can provide you with a free estimate on the cost of drafting a Financial Power of Attorney.