What is a financial power of attorney?
When one person, the “principal,” signs a power of attorney, it authorizes someone else to serve as “attorney in fact” or “agent.” Principals don't give up any of their own power over their financial affairs, they simply delegate a representative who can sign documents, write checks or sell real estate for them.
A financial power of attorney is separate from a health care power of attorney and it gives the agent no say in health care and medical decisions.
Why a power of attorney is needed
A principal who lives in one state but has property or business interests in another may need a power of attorney to give the agent authority to represent them.
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