What is Financial Power of Attorney

If you become ill or injured unexpectedly, you may be left unable to take care of your own finances.

A financial power of attorney helps you safeguard against this uncertainty by appointing an individual with the legal authority to help you manage your finances and make financial decisions.

Reasons to Appoint a Financial Power of Attorney
By naming a Financial Power of Attorney who is empowered to make financial decisions when you cannot, they will be able to:
• Pay your bills
• Monitor your investments
• Make deposits
• Collect any government or insurance benefits you may have
• Buy, sell or exchange title to personal property

In effect, a good Financial Power of Attorney will make sure your financial life is not ruined simply because of an unexpected life event.

Just as important, appointing a competent adult to serve as your financial agent ensures your family members will not need to go to court to gain control over the finances.

Any competent adult may serve as your agent, and choosing this agent can take effect as soon as you draft and sign a Financial Power of Attorney form.

Don’t leave your finances to chance. Instead, make sure your finances are safeguarded by working with an Arizona estate planning attorney .

Sources:
http://www.nolo.com/legal-encyclopedia/arizona-financial-power-of-attorney-31851.html
http://www.jdsupra.com/legalnews/isn-t-a-power-of-attorney-just-for-old-23670/

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