You can appoint someone as your financial power of attorney to handle a single transaction or grant very broad powers over your finances if you become unable to conduct them.
Your financial power of attorney can handle any or all of the following, as you specify:
- Sell or buy real estate
- Estate, trust, and other beneficiary transactions
- Retirement benefits
- Social Security, Medicare, Medicaid or other governmental programs, or military service for your benefit
- Sale or disposition of your personal property?
- Stock and bond transactions, and commodity and option transactions
- Banking and other financial transactions, including signing checks and access to a safe deposit box
- Insurance and annuity payments from life, accident, health, disability, liability, or other insurance.
Your financial power of attorney can also give someone authority to:
- Hire professionals to help administer your affairs
- File your taxes
- Operate your business or liquidate it.
Your power of attorney document should be witnessed by two adults and filed with your important papers. You can revoke the power of attorney or name a new person to handle your affairs at any time.