Financial Power of Attorney Lawyers

Financial Power of Attorney

A financial power of attorney is a legal instrument that gives authority to another person to manage your finances. A financial power of attorney can give broad or limited authority and can become effective immediately or upon your incapacity. 

Without a financial power of attorney, if you become unable to make decisions for yourself, your family will have to seek a guardianship, a costly and time-consuming proceeding. Further, if you would like your agent to have the ability to engage in Medicaid planning upon your incapacity, a properly drafted financial power of attorney is essential. The legal requirements of a valid financial power of attorney have changed in recent years. Hence, if you have an old financial power of attorney, it would be wise to have it reviewed by an experienced elder law attorney.