What Is a Revocable Financial Power of Attorney?
This document allows you to appoint someone to act on your behalf to handle your assets when you cannot. If you become mentally or physically disabled, your agent would be able to access your bank accounts, retirement benefits, autos, home, etc. in order to handle your financial affairs. If you do not sign a Revocable Financial Power of Attorney and you do become incapacitated, the probate court would need to appoint a guardian of your property which can be burdensome and expensive. It can also be used if you are out of town for a long period of time or in emergency situations. This document may be revoked at any time. One word of caution is in order. A Revocable Financial Power of Attorney is subject to abuse. Accordingly, you must have the utmost confidence in the person named in your Revocable Financial Power of Attorney.
