Financial Power of Attorney
A General Durable Power of Attorney, also known as a “Financial Power of Attorney,” is a legal document used in Estate Planning in which an individual (the “Principal”) may designate an agent to act on the Principal’s behalf for all financial-related matters, in the event the Principal becomes incapacitated and unable to make his/her own decisions.
A Financial Power of Attorney may provide the Agent with broad and specific authority such as to enter into legal contracts on behalf of the Principal; to buy or sell real property; to file legal action on behalf of the Principal; to access bank accounts; to settle debts, and take other financial-related action in the best interest of the Principal.
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