Power Of Attorney, Financial Matters

Power of Attorney, Financial Matters

A Power of Attorney is the power you give to an individual, usually a family member or a trusted person. A Power of Attorney is usually given to a select individual for reasons of mental incompetence or absence. In this case, it is the power you give over the management of your financial matters or power to represent you. Your financial matters may or may not include the following: Filing and paying of taxes, Operating of businesses, Investing money in mutual funds, stocks, and bonds, collect government benefits or conduct businesses that include your deposit accounts, loans, safe deposit box, and other businesses.. Remember that your agent or attorney-in-fact, the person you have given legal power over your financial matters to, only has as much power as you give them. They may be able to handle few or all of your matters.

To legally give a trusted individual a power of attorney in your financial matters, all you will need to do is complete and fill out a fill-in-the-blanks form which may be a few pages long. To ensure that the power of attorney manifests, you must sign the given document in front of a notary public or in some states, witnesses.

A Power of Attorney in Financial Matters ends when you say so. You may be able to place a date as to when the Power of Attorney ends. Your Power of Attorney also ends if you revoke it, as long as you are mentally competent for both situations, it will be granted. Finally, the Power of Attorney naturally ends at your death, which means that they will have no power over anything unless you mention them in your will as an “executor.”

Power of Attorney, Financial Matters

_____________, the “principal,” of ___________, _______, herewith appoints ______________ of ______________, as their attorney in fact, to act in the place and stead and with the same authority as Principal would have to do the following acts:

To conduct any and all business regarding my deposit accounts, loans, safe deposit box, or other banking business in regard to the _______________________, of ____________________. This power shall specifically include, but is not limited to the right to deposit, withdraw, sign checks or drafts, make stop payment orders, and to conduct any banking transactions necessary or possible in regard to my banking relationship with the __________________________.

To execute a deed or other instrument of conveyance conveying my interest in the following real property:
________________________________________________________________

To examine and to order copies of any and all of my educational records, including both financial and student loan and health related records, at the following college, school or other educational institution:
__________________________ of _______________ and any branches thereof.

To represent me before the Internal Revenue Service in regard to the following taxable years and returns:
Forms: ____________ Years: _____________

This power of attorney shall be in effect from _______________ to _________________.
_____________________________________________________
_____________________, As Principal

STATE OF ______________
COUNTY OF _____________

_____________ personally appeared before me and acknowledged the execution of this power of attorney for the purposes set forth therein.
Dated: _______________________________
__________________________________________
Notary Public
My Commission Expires:

Power of Attorney, Financial Matters
Review List

This review list is provided to inform you about this document in question and assist you in its preparation. This Power of Attorney is restricted to financial matters. Read up on the other commentary about Power of Attorney issues. This is a serious matter. If you have any doubts, don’t appoint the person.

1. Make multiple copies. Give one to each interested party. Keep a list of who has copies so you can retrieve them if you decide at a later date to revoke these powers.
2. One way to restrict a Power of Attorney is simply to put in an automatic termination date. Then you have to renew in order to have it remain in force and makes it less likely someone can challenge a termination successfully at a later time since you anticipated it in this document.

 

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