Financial Power of Attorney Lawyers in Rathdrum, ID

Helping Clients Plan for the Future

A Financial Power of Attorney (FPOA) is a vital legal document that empowers someone, known as the agent or attorney-in-fact, to handle your financial affairs and make decisions on your behalf. This authority might range from daily financial transactions to making more complex financial judgments. The FPOA can go into effect immediately or after a certain circumstance, such as your incapacity.

If you become incapacitated, your financial power of attorney will be able to access your bank accounts, investments, and other financial accounts to pay your bills, taxes, and other expenses. Your financial power of attorney can also make financial decisions for you, such as selling your home or other assets if you are unable to make these decisions yourself.

Your financial power of attorney can make these decisions for you until you recover or until your financial power of attorney is able to transfer your assets to your designated beneficiaries.

It's important to select a trusted individual as your agent, as they will act with a legal duty to act in your best interests. You can also customize the FPOA document to specify the exact powers you want to grant and any limitations on those powers. Creating an FPOA as part of your estate plan ensures that your financial affairs can be managed seamlessly in case you become unable to do so yourself, providing peace of mind for both you and your loved ones.

Work With an Experienced Team

We can help you develop a financial power of attorney that matches your needs at Rathdrum & Post Falls Estate Planning, our qualified Rathrdum financial POA attorneys can also assist you with updating your financial power of attorney if your financial status changes or if you no longer have the ability to make financial decisions for yourself. Our team is dedicated to assisting you in planning for the future, so you can be confident that your financial affairs will be handled if you are unable to do it yourself.

For expert guidance, speak with a qualified financial power of attorney lawyer in Rathdrum at Rathdrum & Post Falls Estate Planning. Dial (208) 486-0120 or contact us online to schedule a Free initial Consultation.

What Should I Include in My Financial Power of Attorney (POA)?

The most important thing to include in your financial power of attorney is a list of your financial accounts, including bank accounts, investment accounts, and retirement accounts. It is also important to include the names and contact information for the individuals you would like to appoint as your financial power of attorney. Your financial power of attorney should also be able to access your financial accounts, so it is important to provide them with the account information and passwords. You should also include a list of the financial decisions you would like your financial power of attorney to make for you.

If you are unable to make financial decisions for yourself, your financial power of attorney should be able to make decisions about selling your home and other assets. You should also include a list of the beneficiaries you would like to receive your financial assets.

When Should I Update My Financial Power of Attorney?

If you become incapacitated or if you are no longer able to make financial decisions for yourself, your financial power of attorney will need to access your financial accounts. It is important to update it whenever you open a new account, change your account information, or close an account. You should also update your financial power of attorney if you move to a new address or if you would like to appoint a different individual to serve as your financial power of attorney.

If you do not update your financial power of attorney, your financial accounts may become inaccessible and your assets may become vulnerable to fraud or theft.

Call us at (208) 486-0120 or contact us online to request a consultation. Your initial appointment with our financial power of attorney lawyer is free of charge.