The Financial Power of Attorney document is included when you purchase an Estate Plan. This document authorizes someone to manage your financial affairs on your behalf while you are still living.
What is a ‘Financial Power of Attorney’?
A Financial Power of Attorney (POA) is a legal document that grants an individual—known as an Agent or “Attorney-in-Fact”—the authority to manage your financial and property matters on your behalf. This can include managing bank accounts, handling real estate, paying bills, managing investments, filing taxes, and more.
It does not cover healthcare decisions. For medical decision-making, a separate Health Care Power of Attorney or an Advance Healthcare Directive is used.
Why do I need a Financial Power of Attorney?
• Prevents court proceedings: Without a POA, your loved ones may face costly and time-consuming legal processes just to manage your affairs.
• Ensures continuity: Your financial matters can be handled according to your wishes,
even if you are unable to act for yourself.
• Part of basic estate planning: Accidents and illness can happen unexpectedly. A POA is
an essential part of any complete estate plan.
Is the Trust & Will template for a ‘Durable’ POA?
Yes. The template we provide is a Durable Financial Power of Attorney. This means it remains in effect even if you become incapacitated. It also becomes effective immediately upon signing—there is no waiting period or triggering event required.
Trust & Will does not currently offer a Springing Power of Attorney. If a springing POA is required for your situation, there are many online and legal resources that can assist you.
Who is the ‘Agent’?
The person you name in your Financial Power of Attorney is called your Agent. You may also see this person referred to as your “Attorney-in-Fact” in legal documents—these terms mean the same thing.
Despite the name, your Agent does not need to be an attorney. It can be any trusted adult you choose.
What can my Agent do?
Your Agent can handle financial matters on your behalf, but only to the extent you authorize. In the document, you will initial next to the specific powers you want to grant. These may include:
• Managing bank accounts and paying bills
• Handling real estate transactions
• Managing investments, stocks, and retirement accounts
• Filing taxes
• Dealing with insurance and government benefits
• Operating a business
You can choose to grant all of these powers at once, or limit your Agent to specific areas only.
You are always in control of what authority you give.
How do I choose the right person?
Your Agent will have significant authority over your financial life, so this decision deserves careful thought. When choosing, consider:
• Trustworthiness: This person must be someone you trust completely with your finances.
• Availability: Will they be reachable and able to act when needed?
• Financial responsibility: Do they manage their own finances well and handle tasks
reliably?
• Willingness: Have you spoken to them about this role? Make sure they understand and
are prepared to serve.
Am I giving away too much control?
It’s a common concern. The good news is that you control exactly which powers you grant—nothing is automatic. You initial only the categories of authority you want your Agent to have.
Additionally, by accepting the role, your Agent takes on a fiduciary duty. This means they are legally required to act in good faith and in your best interest. If they misuse the authority you grant them, they can be held legally liable.
How do I access my Power of Attorney document?
You can view, download, or print your Power of Attorney directly from your account. Click on Documents from the menu on the left-hand side, then select the Legal Documents tab at the top. Scroll down to find the document titled ‘Power of Attorney’ in the list.
Why does this document need to be filled in by hand?
Unlike some of our other documents that are pre-filled based on the information you provide in the questionnaire, our Power of Attorney form is designed to be completed by hand after printing. Our document requires handwritten completion for all fields.
How do I complete my Power of Attorney document?
1. Download and print your POA template from your account, or request to have it shipped with your other documents.
2. Using a black or blue pen, fill in your Agent’s name, address, and phone number in the Designation of Agent section.
3. Initial next to each category of authority you want to grant your Agent in the Grant of General Authority section. You can initial each one individually, or initial “All Preceding Subjects” to grant all powers at once.
4. Review and complete any optional sections, such as Successor Agents, Co-Agent, or Specific Authority.
5. Sign and date the document in the presence of a notary public.
6. Store the original in a safe place and give a copy to your Agent.
What sections will I need to initial?
Grant of General Authority
This section lists the financial subject areas your Agent can act in—things like real estate, bank accounts, investments, retirement plans, and taxes. Initial next to each area you want to authorize.
Grant of Specific Authority (Optional)
These are higher-stakes powers, such as making gifts or changing beneficiary designations.
The document includes a caution note—only initial these if you specifically intend to grant them, as they can significantly affect how your assets are distributed.
Additional Provisions (Optional)
This section allows you to name a Co-Agent, add special instructions, or further customize your Agent’s authority. Initial this section only if you want these expanded powers to apply.
Does my POA need to be notarized?
Yes. Your Power of Attorney must be signed in the presence of a notary public to be legally valid. The notary will complete a certification section confirming your identity and that you signed voluntarily.
Some states may also require witnesses. Review the instructions included with your document for any state-specific requirements.