Saturday, January 7, 2012

What is Financial Power of Attorney?

Financial Power of Attorney is really a Limited Power of Attorney Form that transfers financial power from one person ("Principal") to another ("Attorney-in-Fact").. This is one of the most confusing subjects that people come across and there is no such thing as a financial power of attorney, if there is it just a limited power of attorney that has been re-worded.

Examples of Limited Power of Attorney For Finances
  • Bank Transactions
  • Pay or Collect Debts
  • Authorize a Loan
Why Would I Need a Limited Power of Attorney for Finances?
 From time to time we all need to be in two places at once, and whether it is just running to the bank to cash a check or signing a loan on your behalf while you may be out of town. A Limited Power of Attorney Form for financial reasons can be a very beneficial way for you to take care of all your banking needs while you can take care of business.

Who Should I Trust with my Limited Power of Attorney For Finances?
We wrote a blog article earlier about this subject, Top 3 People to Trust with Power of Attorney. It is not an easy answer and only you know the true person to handle something so important as your finances.

Do I Have to Compensate who Represents Me?
No, you do not have to compensate who represents you and in fact it is illegal in most states for the attorney-in-fact to be compensated. Although, they are entitled to be paid for their expenses accrued while fulfilling your financial power of attorney duties.

Where can I get a Limited Power of Attorney Form for Finances?
If you're the fast, cheap, and easy kind of person go here for Limited Power of Attorney Forms at You can go to legalzoom but they charge around $35 versus only charges $15.

See our other posts at Power of Attorney Form Blog

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