Establishing A Trusted Financial Agent
A financial power of attorney is a legal document that gives one person decision-making authority over the financial matters of another. The person granting the power of attorney is referred to as the principal, while the person taking on the responsibilities is called the agent or attorney-in-fact.
What Can An Agent Do?
Powers of attorney vary in scope, but responsibilities of the agent often include:
- Managing bank accounts
- Managing investments
- Paying bills
- Signing documents
A financial power of attorney can be as broad or narrow in scope as the principal wishes it to be. Some powers of attorney go into effect as soon as they are signed by the principal, while others do not go into effect until the principal becomes incapacitated. When granted power of attorney as part of a comprehensive estate plan, the agent is legally bound to act in the interests of the principal.
What Makes A Good Power Of Attorney?
If you are considering establishing a power of attorney, you may already have someone in mind to act on your behalf. If not, here are a few characteristics to look for in an agent:
- Willing to serve
In short, choose someone you trust who is willing and available. Similarly, if you are seeking to establish a financial power of attorney or a health care power of attorney, I can provide you with the legal guidance you need. I have more than 30 years of experience handling the critical legal and financial matters of clients in Chesterfield and throughout surrounding Missouri communities.