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Home > For Everyone > Family Law > Elderly > Power of Attorney > Powers of Attorney - Financial Affairs |
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Powers of Attorney - Financial Affairs
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July 4, 2008 |
A power of attorney (POA) for financial affairs is a written document in which one person grants the legal right to conduct his financial affairs to one or more people or an organization. A person granting a financial POA may revoke it in writing at any time as long as he is mentally competent to do so. The person granting the POA is known as the principal and the person granted the POA is known as the agent or "attorney-in-fact." Creating a Financial Power of AttorneyMany people complete corresponding financial powers of attorney with their spouses so that one make financial decisions for the other if he or she is unavailable or unable to do so. The POA should be in writing, and in many states, witnessed and notarized. |
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