A Financial Power of Attorney (FPOA) is a legal document in which the Principal person, gives another person, called the Agent, legal authority over their financial affairs. A Financial Durable Power of Attorney simply means the document continues in effect if the Principal becomes incapacitated and unable to handle matters on their own. A general Financial Power of Attorney gives legal authority to handle all financial affairs, whereas a limited (or special) Power of Attorney only gives legal authority to perform specific acts. An FPOA can be changed at any time and/or terminated by notifying the Agent in writing. An FPOA ends automatically when the Principal dies. Before appointing someone as your agent make sure you speak to them and they agree to take on this responsibility.
The FPOA needs to be notarized. Once your FPOA is completed, you need to provide copies to (a) your agent and alternates, and (b) any financial institution involved in the FPOA.
How to Complete an FPOA
The FPOA is a legal document to give authority to someone to handle your finances, such as paying your bills and working with your bank when you are unable to make financial decisions. A durable financial power of attorney is effective even when you are not able to make decisions. The FPOA designates whom you want to pay your bills and handles your financial affairs, also known as your “Agent.” It is a good idea to designate alternate representatives, in the event your primary (first) agent is not available, for whatever reason. The FPOA also has the authority to work with your long-term finances and sell your property, should you need that.
Agent and Alternate Agent's
Mailing or Residential Address
Phone Number(s) and/or Email Address(es)
Before you complete the form, discuss with the person(s) you are considering as your agent and alternates. Your agent and alternate need to be:
18 years or older
Willing to accept the responsibility
Trustworthy to manage your finances
Get the form notarized by a notary public. Usually your bank will offer free notary services.
You must sign the form in front of the notary public. Do not sign the form until you are in the notary's presence.
Who to Notify
Give Copies of Form to:
Alternate agents, if any
Financial Institutions (banks, credit unions, etc)