A financial power of attorney is a legal document which comes into play while you are alive and usually will no longer be effective the moment you pass away.
This document appoints a person to help you make financial decisions if you either cannot or do not wish to make them on your own. This usually occurs when someone is injured or ill and is deemed incapable of making decisions (i.e. incapacitated).
Tips on Selecting Someone to Become Your Financial Power of Attorney Choosing who should hold the powers of attorney over vital areas of concern when making your estate plan is not a decision to be taken lightly. You need to know that the person you choose has the knowledge and maturity to handle the responsibility.…