Financial Power Of Attorney
A financial power of attorney (POA) is a document used by a person (the Principal) to give authority to another person or company (the Agent) to make decisions and transact business on their behalf.
The POA can be written so that a.) It becomes effective immediately; or b.) It does not become effective until the person loses the ability to manage his/her own financial affairs.
For future estate planning needs- Benefit Payee Services, Inc. can be named as a primary, back-up, or successor POA.
Financial POA services may include:
- Organization of mail & paperwork
- Bill paying
- Reconciling bank statements
- Budgeting and cash flow management
- All banking activities
- Create an inventory of assets and investments
- Medical claims management
- Management and protection of real property
- Assistance with liquidating or consolidating assets including real or personal property and cars
- Review and reconcile credit card statements
- Coordination and management of other outside services. Anything from lawn care to legal services
- Negotiate with creditors to reduce debt
- Track income and expenses for budgeting and tax deduction reporting
- Provide user-friendly financial reports
- Organizing information for tax return preparation
- Communicate with other professionals including your CPA, financial advisor and attorney
- Capture and manage all important personal information (financial, legal, insurance, credit cards, investments) and ensure this data is readily available when needed
- Referrals to other service providers and professionals when needed
- Review and analyze credit reports
- Household and property management
- Applying for and maintaining government benefits such as Medicaid, VA and Medicare.
- Investigating and pursuing financial exploitation and abuse
- Set up filing system for bills and important paperwork
- Anything else as required