Financial Power of Attorney

A financial power of attorney is a legal document that allows you (the “principal”) the power to appoint an individual (known as the “agent” or the “attorney-in-fact”) to make financial decisions on your behalf should you become incapacitated. It’s important to note that a financial power of attorney may not be used after your death.

The financial power of attorney is an important document because if you became incapacitated and did not have a financial power of attorney in place, someone (typically a family member or friend) would need to arrange for a court proceeding (which can be costly) to be appointed as your conservator to manage your finances.