How to Obtain Financial Power of Attorney
Power of attorney, often shortened to simply POA, is the authorization of one individual to act on another's behalf for legal, medical or financial matters. Power of attorney is often given to family members when older relatives can no longer handle their personal affairs or granted temporarily when an individual is incapacitated in some way but expects to recover.
Power of attorney can be general and give the person who accepts the authorization, called the agent or attorney-in-fact, power to handle all affairs of the granting person, called the principal or granter, or it can limited for one purpose, such as a financial power of attorney.
Instructions
- 1
Discuss the financial power of attorney with the principal for whom you wish to become the agent. The principal must agree to the power of attorney and must sign the document granting you the rights to control her finances. While obtaining financial power of attorney without the principal's permission is possible, it is a difficult and complex procedure.
2Prove the principal is of sound mind. For the principal to grant you financial power of attorney, he must be of sound mind to do so legally. Otherwise, the POA can be challenged and invalidated. This is typically an issue for elderly principals or those who are starting to show signs of dementia. The family physician can certify that the principal is able to enter into such an agreement.
3Draft a document detailing the financial power of attorney. While this is simple to do, a few things are required for the POA to be valid: The document must outline exactly what powers are being transferred to the agent, clearly list the principal's current assets (including bank account balances, investments and property ownership), and state on what date the POA becomes effective. If the financial power of attorney is to become effective immediately, called a "durable" power of attorney, state this fact and include the current date. If the financial power of attorney is to become effective at a later date or on the condition of an event---for example, "on [principal's full name] development and diagnosis of dementia"--Ththen clearly outline what the date or event will This is called a "springing" power of attorney.
4Provide a date of revocation for the financial power of attorney. If the agreement is only meant to last for a specified period or is to cease upon a certain date or event, outline this in the financial power of attorney. You can also skip this and instead state that the financial power of attorney will be revoked at any time the principal deems necessary by stating the intent to revoke in writing.
5Arrange for the principal sign the document. At least two witnesses must be present when the principal signs the document, and they must sign the document themselves declaring as such. As an agent, you cannot sign as a witness because you have an interest in the agreement. Other relatives, friends or third parties who have no interest will satisfy this requirement. You can also ask a notary public to act as one of the witnesses if no one else is available.
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