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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?!

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

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

Click here to check out our On Demand Video about Estate Planning.

Click here for a short informative video from our own Attorney Bill O’Leary.

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