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Manage your loved one's finances with a power of attorney.LEGAL
What You Should Know
A power of attorney for finances is a simple, affordable way to make financial decisions on behalf of your loved one if they become unable to do so. A POA is a legal document that allows a person to designate a second person (called the “agent”) to manage their finances. The types of finances the agent is authorized to manage are described in the document. Not all POAs are the same, and not all agents have the same scope of power. The proper POA can help your loved one avoid financial devastation and lengthy court proceedings.
Steps To Take
- Meet with an experienced elder law attorney to complete a POA that meets your family’s unique needs.
- Make a list of your loved one's financial institutions, and send the POA to them to keep on file.
- If the financial institution will not accept the POA, ask your attorney’s office to call them.
- Speak with your attorney before signing a new POA, because signing a new POA may revoke an existing POA.