Financial Power of Attorney

What Is a Financial Power of Attorney?

A financial power of attorney is a legal document that gives someone you trust — your attorney-in-fact (or agent) — the authority to manage your financial affairs if you become incapacitated. This can include paying your bills, managing your bank accounts and intangible personal property, handling investments, filing taxes, and dealing with real property transactions.

Without one, your family would need to go to court and petition for conservatorship just to access your accounts or pay your mortgage. That process takes time and money — two things your family shouldn't have to worry about during a crisis.

What Can Your Agent Do?

The scope of a financial power of attorney is up to you as the principal. You can give your agent broad authority to handle virtually all financial matters, or you can limit their powers to specific tasks. You also get to decide when the power kicks in — some people want it to take effect immediately, while others prefer it to activate only if they become incapacitated.

Your agent acts in a fiduciary capacity, which means they owe you a legal duty of loyalty and good faith. They're required to act in your best interest — not their own. They can manage your assets, work with your financial institutions, handle joint and separate assets, and even manage trust funding if needed.

How The Taormina Firm Helps

Vince takes the time to help you think through who should serve as your financial agent and what level of authority makes sense for your situation. He drafts a document that's clear, legally enforceable under Missouri law, and tailored to your needs. Many clients include a financial POA as part of a broader estate plan or power of attorney plan alongside a health care power of attorney and health care directive. It's a simple step that can save your family a lot of stress down the road.