financial power of attorney

A financial power of attorney is a legal document that allows you (the principal) to appoint someone else (the agent or attorney-in-fact) to manage your financial affairs on your behalf. This can include paying bills, managing investments, or handling banking transactions. The authority can be limited or broad and can be effective immediately or only if you're incapacitated. It provides flexibility and control, ensuring your financial matters are handled according to your wishes if you're unable to do so yourself. This arrangement is useful for planning, caring for aging parents, or managing your finances during incapacity.