Attorney power that gives another agent to look after the finances on your behalf is known as financial power of attorney. It is drawn when a person becomes incapable to handle their own financial affairs. Reasons for such a situation to arise can be many. It is a simple and inexpensive method of handing over financial affairs. Without its presence, there are chances of court proceedings. The power can be either 'durable' or 'springing'. One can avail the general format for financial power of attorney form online- either free download or paid downloads. It gives an idea about the contents and they can be customized according to requirements.
Agent Responsibilities-
Financial power of attorney form mentions the duties and responsibilities assigned to him in the document. The financial can be 'full' or 'narrowed down' as much to give limited access to the agent. Here are some of the basic functions, though it can be tweaked to suit specific requirements.
- Handle all transaction relating to banking and with other financial institutions.
- Make daily expenses on your behalf and collect government benefits such as Medicare.
- Power to purchase insurance policies, bonds, mutual funds, stocks, shares, and other financial investment tools on your behalf.
- The agent has the responsibility to file taxes and returns to the government and also help the authorities with financial details if required.
- On your behalf, the agent can claim properties entitled to you and hire some one to represent you during court proceedings.
Moreover, the agent has the ethical responsibility to maintain a detailed account of all transactions mentioned above and others. He/she will be liable for legal actions if there are any misappropriations of funds.
Get the financial power of attorney form duly filled and verified by a lawyer. It comes into effect after the client's signature.
Pinky Savika has been writing articles for more than 5 years. Not only does this author specialize on the subjects of health, diet, fitness and weight loss, you can also look at her latest articles about Attorney Form Download which give you information about downloading power of attorney form, and Financial Attorney Form which give you information about form for financial power of attorney.
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