What is a Financial Power of Attorney?

A Financial Power of Attorney is a vital part of any estate plan that allows you (the “Principal) to designate one or more individuals (your “Agent(s)”) to act on your behalf with regard to financial matters. A Financial Power of Attorney allows you to select the person(s) whom you trust to make financial decisions if you are unable to do so. It is important to note that spouses are NOT automatically each other’s agent under power of attorney. While married couples enjoy certain conveniences, such as being able to access jointly held bank accounts, their authority to act for one another will not extend to real estate matters, life insurance, retirement accounts, or annuities.