Williamsburg and Richmond Financial Power of Attorney
Power of Attorney for Finances in Estate Planning
A financial power of attorney is a legal document that allows you to appoint someone you trust to handle your financial affairs if you become incapacitated. This person is called an "agent," and he or she can make financial decisions for you, pay your bills, and otherwise manage your financial affairs. If you are married, you may want to appoint your spouse as your agent.
Financial powers of attorney are often combined with medical powers of attorney. A financial power of attorney is different from a will. A will names the person who will receive your property after your death. A financial power of attorney allows you to make financial decisions while you are still alive.
Choosing the Right Agent for Your Financial Affairs
The person you choose to be your agent must be able to make financial decisions for you. He or she should also be someone you trust and someone you believe will act in your best interests. It is a good idea to choose more than one person as an agent in case one becomes unavailable.
You should also consider naming an alternate agent in case the original agent is unable to serve.
If you are married, your spouse is the most common choice for agent. However, you may want to appoint someone who does not live with you, such as a child or grandchild, as your agent. This can be a good choice if your spouse is not able to handle financial decisions for you.
Revoking or Changing Your Power of Attorney
You should revoke a power of attorney if your agent becomes unable to serve or if you no longer need the agent to make financial decisions for you. If you revoke a power of attorney, you should also name a new agent.
If you name a new agent after revoking a power of attorney, the new agent will not be able to make financial decisions for you unless you also sign a new power of attorney naming him or her as your agent.
How to Prepare a Financial Power of Attorney
Preparing a financial power of attorney is a simple process. You just need to complete a few forms and sign them in front of a notary public. If you are married, you and your spouse should each sign your own forms. However, if you are married and the other spouse is unable to sign the forms, you can have the forms notarized with the signature of two witnesses.
It is a good idea to keep a copy of your power of attorney in a safe place, such as a safe deposit box. You should also give a copy to your agent and anyone else you want to be aware of your power of attorney.
It is important to review your financial power of attorney regularly and make sure it is up to date. If your circumstances change, such as a new bank account or a change in your health, you can update your power of attorney.
Contact a Financial Power of Attorney Attorney
Our attorneys at Johnson, Gasink & Baxter, LLP can prepare a financial power of attorney for you in Williamsburg, VA. We can also help you update or revoke a power of attorney when your circumstances change.
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