What Is a Financial POA?

A financial POA will ensure someone is looking over your finances when you’re unable to.

As you get older, you need to start to think about what’s going to happen with your health and your finances. If you get sick or become incapacitated in any way, who is going to take care of paying your bills and other financial needs?

That’s where a financial POA comes in. By learning about this and establishing a financial POA, you can protect yourself when you need help the most.

The Definition of a Financial POA

A financial POA is a financial power of attorney. Essentially, you will designate a person to pay your bills and taxes, collect retirement benefits, invest, sell your assets, manage your real estate, purchase insurance, and tend to other financial matters if you are unable to do so because of life circumstances. For example, if you go into a coma, there is no way you can deal with your money, so your financial POA will do that for you.

Creating Your Financial POA Paperwork

Typically, when you create your legally binding financial POA paperwork, you will name your spouse or another relative as your POA. You’ll want to choose someone who is trustworthy and responsible with money.

You can make your financial POA agreement effective immediately, or only when a certain event happens, like if you are admitted into the hospital. If you are going in for surgery soon and know you won’t have the mindset to tend to your bills, then you could make it effective immediately. But if you like having control for as long as possible, then it could go into effect only when you need it.

Contacting Richard P. Arthur for Help Creating a Financial POA

Richard P. Arthur, Attorney at Law, will help you create a financial POA that will protect you and your finances. Just call 937-254-3738 for a consultation. He has nearly three decades of experience advocating for families in Dayton and Trotwood, as well as Montgomery, Greene, Miami, Clark, and Warren counties. He’s ready to assist you, too.