A financial power of attorney, or POA, is a legal document that authorises a third party to handle your financial affairs on your behalf if you are unable to do so due to incapacity, illness, or travel commitments.
Who Should Have a Financial POA?
A financial POA is an important part of estate planning, and it is recommended that anybody who has complicated financial affairs or desires that a specific nominated person handle their financial transactions in their absence or in the future sets one up, dictating the situation under which it becomes effective while they are of sound mind, as a POA cannot be set up retrospectively.
How to Establish a Financial POA
You can use your usual lawyer to write a financial POA for you, or you can establish a Power Of Attorney Online by consulting with an online solicitor such as https://powerofattorneyonline.co.uk, who will prepare you a POA that satisfies your need for a fixed price.
Things to Know About a Financial POA
The person that you nominate to handle your financial affairs will only be allowed to act in accordance with the terms of your financial POA. This means that they cannot start before the situation occurs in which they become engaged, and they cannot take any actions that are not in your best interest.
They can pay your bills, manage your banking, handle financial transactions, and even manage your business if you give them permission. You can revoke a financial POA at any point or nominate a second or alternative agent if you so wish.
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