Key Takeaways
- A financial power of attorney names someone to handle finances if you're unable to.
- Without one, families may need a court process to help — even spouses.
- It only matters while you're living; it ends at death.
01What it is
A financial power of attorney is a legal document that gives a person you trust — your 'agent' — the ability to manage financial matters on your behalf. That might include paying bills, managing bank accounts, or handling property if you're ever unable to do so yourself.
02Why it matters
Many people assume a spouse or adult child could simply step in. In reality, without this document, financial institutions often can't speak with anyone but you — and families may need to go to court to get authority to help.
A little preparation now can spare your family significant stress later.
03Choosing your agent
Choose someone trustworthy, organized, and willing to serve. An estate-planning attorney can help you create a document that fits your state's requirements and your family's needs.
Have questions about your situation?
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SCHEDULE A LEGACY REVIEWThis article is educational only and is not legal, tax, investment, or financial advice. Estate-planning documents and legal advice should be provided by a qualified attorney.