Should I Serve as an Agent Under a Financial Power of Attorney (POA)?

A Power of Attorney (POA) typically refers to a property or a financial Power of Attorney. The agent under the POA has real powers and responsibilities.

A POA gives one or more persons the power to act on your behalf as your agent. The power may be limited to a particular activity, such as closing the sale of your home, or be general in its application. The power may give temporary or permanent authority to act on your behalf. The power may take effect immediately, or only upon the occurrence of a future event, usually a determination that you are unable to act for yourself due to mental or physical disability. The latter is called a "springing" POA. A POA may be revoked, but most states require written notice of revocation to the person named to act for you.

ACTEC Fellows explain what individuals need to understand before accepting the role of an agent under a Power of Attorney.