Responsibilities of Financial Power of Attorney

When people set up either “durable” or “springing durable” financial power of attorney, they are designating someone to handle their finances in the event that they become incapacitated. Creating a financial power of attorney can be very beneficial to you and your family for several reasons. If you become incapacitated for any reason, you do not want your family to have to go through a long legal process in order to gain some authority over your finances. With financial power of attorney, your finances are automatically put in the hands of a trusted friend or family member.

No one likes to imagine that he or she would become incapacitated. However, preparing for the future by setting up a financial power of attorney can bring peace of mind in that should the unexpected happen, you and your family are in safe hands. To speak with a knowledgeable attorney about financial power of attorney, contact a Houston estate planning attorney of Garg & Associates, P.C., at 281-362-2865.

Financial Power of Attorney Duties

The responsibilities of someone with financial power of attorney are lengthy. Some of the things you can designate a financial power of attorney to handle include:

  • Taking care of day-to-day expenses
  • Managing your property
  • Transferring assets into a trust
  • Hiring an attorney to represent you
  • Managing your retirement accounts
  • Collecting any government benefits
  • Investing your money
  • Handling bank transactions
  • Paying taxes
  • Running your small business

You can determine how much power your agent will have over your affairs, and it can be as much or as little as your prefer.

Contact Us

If you are considering granting someone financial power of attorney, a Houston estate planning lawyer of Garg & Associates, P.C., can help. To speak with an experienced attorney about your questions today, contact us at 281-362-2865.

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Garg & Associates, PC | 21 Waterway Avenue, Suite 300 | The Woodlands, Texas 77380 Please call 281-362-2865 | Fax: 866-743-4506
Serving The Woodlands, Spring, Houston, Conroe, Kingwood, Tomball, Cypress, Huntsville, Cleveland, Stafford, Montgomery County, Harris County, West Oaks, Memorial, Sugar
Land, River Oaks, Alief, Stafford, Missouri City, and Southwest Houston Texas.