What Is a Financial Power of Attorney?
Military members serving overseas may temporarily give someone else power of attorney. Power of attorney gives the person granted this power the legal right to act on someone’s behalf. Most of the time, a person does not limit the scope of the power they give someone else in this situation. If a person is expected to return or is temporarily not able to handle his own affairs for any reason, the person given the power will often sign the ability over for a limited amount of time. The agreement will stipulate how long the power will last. If it’s due to an overseas deployment, it will stipulate when the person comes back.
What is Financial Power of Attorney?
Financial power of attorney lets a person handle someone else’s affairs by proves. Usually, when a person signs over power of attorney, he is looking for someone to make financial decisions. An individual who gets committed to a nursing home or to a mental health facility for a long period has this decision made for him. A person who has the power has the responsibilities and the rights that go along with a power. Someone who has given financial power of attorney can face serious consequences if he abuses the position. Fraud and embezzlement carry stiff prison terms.
Do I Have to Take Financial Power of Attorney?
No one has to take financial power of attorney if they are offered it. If a person offered the position feels he cannot handle it for any reason, he should decline the offer.An employee working for an assisted living facility or a nursing home may find he has power of attorney for a number of different individuals. The worker may not know the people who he exercises the power for, but it is still important for him to act professionally.