What Is Power of Attorney for Finances?
A power of attorney for finances is a document that appoints a person -- or sometimes an institution such as a bank or trust company -- to handle someone's financial affairs. A power of attorney for finances can also be used to make life easier for your parents, for example, or loved ones even though they still make decisions and handle some financial matters themselves. Or it can be used to handle all their financial matters when they're incapable of doing so themselves. For information about how to set up a power of attorney for finances, see Power of Attorney for Finances: A Step-by-Step Guide.
First, however, it's a good idea for you and the person in your care to familiarize yourselves with the basics concerning how a power of attorney for finances works: