What is a Financial Power of Attorney?

An individual (the “principal”) can grant power to another person (“the agent”) to make decisions about the principal’s property and finances. It can be a general, broad power to address all property and financial issues, or it can be limited to the following specific areas:

  • Real property transactions
  • Tangible personal property transactions
  • Stock and bond transactions
  • Commodity and option transactions
  • Banking and other financial institution transactions
  • Business operating transactions
  • Insurance and annuity transactions
  • Estate, trust, and other beneficiary transactions
  • Claims and litigation
  • Personal and family maintenance
  • Benefits from social security, Medicare, Medicaid, or other governmental programs or civil or military service
  • Retirement plan transactions
  • Tax matters