What are the important facts about financial power of attorney?


A financial power of attorney is a legal document that designates someone to handle your financial decisions on your behalf if you are unable to do so due to any incapacitation. The authority conferred by a POA always ends upon the death of the principal. The authority also ends if the principal becomes incapacitated unless the power of attorney states that the authority continues.

Generally, a financial power of attorney must be signed before a notary public. Especially if the sale or purchase of real estate is involved, it may also need to be signed before witnesses. In a few states, the agent is also required to sign to accept the position of agent. Now, this is available digitally called as digital power of attorney.





Generally, a third party is not required to accept a power of attorney. However, some state laws provide for penalties for a third party who refuses to accept a power of attorney using the state’s official form. One thing you can do to help assure its acceptance is to contact anyone you think your agent may need to deal with and be sure they find your POA acceptable.

To create a digital power of attorney, Ethiopian Embassy Consular has an E-POA iOS/ Android App which provides POA very fast.

Related, topic Why Durable Power Of Attorney Is Important?

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