top of page

FINANCIAL POWER OF ATTORNEY

What Is Financial Power of Attorney?
Financial power of attorney is a legal document authorizing another person to manage your financial affairs. The person granting the powers (you) is the principal; the other person is your designated agent or attorney-in-fact.

Power of attorney can give your designated agent authority to:

  • Make deposits to or withdrawals from your bank accounts

  • Collect your debts

  • File lawsuits on your behalf

  • Sell or buy property for you, including real estate

  • Pay your bills

  • File your taxes

  • Oversee your business finances

  • Settle or file insurance claims for you


You decide how much power to give your designated agent. For instance, you might give someone power to manage real estate transactions and nothing else.

How to Choose a Financial Power of Attorney
State laws govern who can have financial power of attorney. Typically, the person must be 18 or older and mentally sound. A designated agent can be a family member, such as a sibling or child, or a trusted friend. When choosing your designated agent, consider:

  • Do you trust this person to oversee your finances in your best interest, even if that conflicts with theirs?

  • Do they manage money well?

  • Do they have time?

  • Do they live nearby?


You can choose multiple designated agents. If so, make sure your document specifies whether they must agree or can act independently. If you choose only one agent, select at least one alternate in case your first choice is unavailable.

How to Obtain a Financial Power of Attorney
A power of attorney must follow state laws. To ensure the document accomplishes your goals, it's best to enlist an attorney or legal aid service.You can also find power of attorney documents online and have an attorney review them. A few other things to keep in mind:

  • Most states require a financial power of attorney to be signed and notarized.

  • If witnesses are needed, state law will dictate who can and cannot be a witness.

  • Keep the original with your estate planning documents unless it takes effect immediately. If so, give the original to your agent and keep a copy for yourself. Your financial institutions may also need copies.

Disclaimer: This webpage is for informational and public service purposes only and is not to be construed as legal advice.

Source: Experian 

Can THE HAYNES CO. prepare my Financial Power of Attorney?

Yes. THE HAYNES CO. can prepare your Financial Power of Attorney.

bottom of page