Power of Attorney: What You Need to Know
Avoid Financial Exploitation
It’s important to plan ahead for the future and consider what will happen if you become unable to manage your own financial affairs because of some health problem or age-related incapacity. Who will manage your bank account, pay bills and arrange for needed services if you can’t do it yourself?
Many people use a power of attorney document to name someone to act on their behalf in case something happens to them. Although signing a power of attorney may be necessary, giving someone else control over your finances can be risky and lead to problems if that person abuses their authority. Every year, we see people turn over management of their financial affairs through a power of attorney, and every year we see people acting under that authority who don’t follow the rules and violate that relationship of trust — often because they don’t know the rules. Before you sign a power of attorney, you should know the rules and take steps to protect yourself.
Follow the links below to learn more about Power of Attorney documents and how to avoid financial exploitation.