What Are the Duties for Financial Powers of Attorney?

I just got appointed agent under a financial power of attorney. What do I need to do next?

A financial power of attorney is a document allowing someone (the “attorney-in-fact” or “agent”) to act on the principal’s behalf. It normally allows the attorney-in-fact to pay the principal’s bills, access his accounts, pay his taxes, buy and sell investments or even real estate. Essentially, the attorney-in-fact steps into the shoes of the principal and is able to act for the principal in all matters as described in the document.

These responsibilities may sound daunting, and it’s only natural to feel a little overwhelmed at first — much like when we had our first child and the hospital staff left us alone with the baby for the first time: What do we do now?!

Read your power of attorney document and understand what the person you are caring for (the “principal”) has given you power to handle on their behalf. Many powers of attorney also include information addressed to the agent (typically at the end of the document) that explains the legal duties they owe to the principal.

Things You Can and Can’t Do With Power of Attorney

Does Power of Attorney Make You Responsible for Someone Else’s Debts?

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