Power of Attorney – You Choose Who Has Power Over Your Financial Assets

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You work hard over a long period of time to earn money, and you want to be sure it will always be in safe and trusted hands. Contact Mountain View Law Group today to find out more about power of attorney and how we can help. We are your local Utah estate planning attorneys.

Financial Power of Attorney

A document known as power of attorney (POA) makes sure that someone will manage your financial affairs if you are unable to do so during your lifetime. It is important to only select a person you wholeheartedly trust, whether that be a family member, a friend, or a reputable professional as your POA.

The POA gives the designated person the ability — the power — to take actions related to finances for someone else. The POA is legally able to act on behalf of that person.

There are other types of power of attorney in addition to financial which include a medical power of attorney.

 

How Power of Attorney Works Over Your Financial Assets

With a financial power of attorney, someone can act on your behalf, as though they were you when it comes to your financial transactions. That includes your bank accounts, investments, tax returns, property, and any other items you designate.

The power of attorney would be relevant if, for example, you are temporarily or permanently unable to take some action related to your finances.

A durable power of attorney (DPOA) is a legal document that continues to be in effect even after a person’s health worsens.

Rights and Limitations

There are some rights and limitations related to power of attorney for finances. Some people decide to give broad authority to someone as POA while others make those rights more limited. It is wise to have a Utah estate attorney who can explain all of the rights and limitations pertaining to POA.

A reputable and trustworthy attorney can help you set up a power of attorney correctly, including durable power of attorney finances. Contact Mountain View Law Group today to do that. We are your local Utah estate planning attorneys.

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