Also known as a Durable Power of Attorney, a Financial Power of Attorney is a legal document that allows other people to make financial decisions on your behalf. This person is typically a spouse or a close family member or friend.
There are many scenarios where having a Financial POA in place would be extremely beneficial. Whether it be international travel, a sudden illness, or a car accident, its not uncommon for someone to need access to your finances or financial records in order to make payments on your behalf or conduct your financial business.
Financial POA’s are powerful documents, so you should only select an agent that you feel very confident in to make these financial decisions on your behalf.
If you have any financial assets you are worried about not being properly maintained if something were to happen to you, whether incapacitated or out of the country, I strongly encourage you to draft a Financial Power of Attorney to give you peace of mind and help avoid potentially difficult situations when it comes to dealing with your finances. If you would like to sit down for a free strategy session to see the best way to avoid financial issues should any of these situations come up, give us a call at (614) 321-2422, or send us a message by visiting our contact page.
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