What You Need to Know About a Power of Attorney
If you have aging parents, at some point you may need to take care of their financial affairs. You will be given a power of attorney. Learn what you can and cannot do with this document in this handy guide from the government.
According to the Consumer Financial Protection Bureau, when you act as a power of attorney, you have four main responsibilities:
- Act only in the best interests of the person
- Manage money and property carefully
- Keep money and property separate
- Keep good records
The most common question asked when issuing a power of attorney is how to sign up as an agent. You will sign as your name, then enter “as an agent,” and then enter the name of the other person. If you sign your name, you may be hooked for signing and not for the person you are acting as a power of attorney.
Check out the guide for more tips and tricks that can help you get someone’s power of attorney.
Money Management | Consumer Financial Protection Bureau via Forbes