Financial Power of Attorney

(2015) Financial Power of Attorney. Aging, Department of (Elder Affairs, Department of)

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Abstract

A financial power of attorney (FPOA) is a document authorizing someone else (an agent) to manage your finances on your behalf if you (the principal) become incapacitated and are unable to make financial management decisions for yourself. If you become unable to decide for yourself and you have not prepared a financial power of attorney, a court proceeding will likely be required before a loved one will be able to assume authority over at least some of your financial affairs. Your FPOA can be drafted to go into effect as soon as you sign it or it can become effective at a later date or only in the case that a physician certifies that you have become incapacitated.