Misconceptions about Financial Powers of Attorney- Each of the following statements is false

1. Financial powers of attorney allow your agent to act when you want him or her to act, but they prevent your agent from acting when you don’t want him or her to act.
2. If your bank or broker has its own power of attorney form, you don’t have to use that particular form.
3. Your agent can wait until you have become incapacitated before he or she turns in the financial power of attorney form (that you previously signed) to the bank or broker.
4. Your agent does not have the ability to use the financial power of attorney form for the agent’s own benefit.
5. If all your assets are titled in your revocable trust and you become incapacitated, your successor trustee will not be able to act unless you have previously given him a financial power of attorney.

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About randyspiro

I am a super lawyer in California with dual specialization in Estate Planning and Taxation.
This entry was posted in Estate Planning, Law, POA, special needs, Uncategorized. Bookmark the permalink.

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