Protect yourself with a financial power of attorney
A financial power of attorney allows you to delegate personal, financial, business, or other legal affairs to another person. You can execute a durable power of attorney in Alabama and make it as broad or limited as needed. Durable powers of attorney are also called ordinary powers of attorney, financial powers of attorney, or general powers of attorney.
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Do I Really Need a Financial Power of Attorney in Alabama?
You need a financial power of attorney (POA) anytime you need someone to act on your behalf for financial, business, real estate, and other money affairs. It is a good idea for most people to have a financial power of attorney so someone can take care of their financial affairs should they become incapacitated.
If you are seeking a solution for someone to make health care decisions on your behalf in Alabama, you will want a health care directive and living will.
Alabama Financial Power of Attorney Options
Financial Power of Attorney
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A do-it-yourself financial power of attorney form that’s easy to personalize.
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How It Works
The process takes less than an hour, and you can complete it from the comfort of your home.
Answer Some Questions
Decide who your agent will be and what authority you want them to have. Then, simply answer a few questions.
Create an Account
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Complete Your Document
Once you answer the relevant questions, we do the hard part and create your unique document.
Sign & Make It Legal
Sign your document following the instructions on the form. This may include signing in front of witnesses or a notary.
How To Get an Alabama Financial Power of Attorney Form
Choose an agent
Your agent must be over age 18 and willing and able to act in your best interests. Choose someone with knowledge of your personal and business affairs like a spouse, live-in partner, business associate, a good friend, or another family member. If you choose a spouse or domestic partner, select an alternate agent if you and your partner become incapacitated at the same time.
Assign duties to your agent
Your agent’s duties depend entirely on you. If you only want your agent to act on business affairs, you can do that by initializing that section of the power of attorney form and crossing out others. To grant general authority, initial all sections. You are allowed to grant or deny any specific powers listed on the form. For example, some people do not want their agent to access their retirement plan or bank accounts.
Hire a notary public
Store your original power of attorney in a fire-safe file cabinet or safety deposit box. Before storing, make copies to keep in an accessible file and provide another copy to your agent. Inform your loved ones that you have a financial power of attorney, and consider providing copies to them.
Revoking a Financial Power of Attorney
If you decide to revoke a financial power of attorney, you can do so with a document called a “revocation of a power of attorney” or draft a new one that designates a new agent. Most forms contain a statement indicating that a financial power of attorney revokes all previous powers of attorney, but double-check just in case.
You May Want to Speak With a Lawyer if:
- You don’t know who to choose as your agent
- You want to use a POA for Medicaid planning
- You want to discuss which powers you should give your agent
- You want legal review of your completed power of attorney
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FAQs About Financial Powers of Attorney
Many people like the reassurance that comes with a financial power of attorney. Specific situations that call for them include:
- Frequent international travel
- Diagnosis of a chronic or terminal illness
- Continued management of business or real estate interests when you are unavailable
- Work in hazardous environments or constant exposure to toxic materials
But it’s not just people facing these situations that should have a financial power of attorney. It’s best for everyone to draft one. If you ever become incapacitated, a power of attorney can ensure that someone is able to take care of your financial transactions for you. We never know what life will bring us, so it’s best to be prepared — especially when this preparation takes less than an hour.
An estate planning attorney charges $150 to $400 an hour to draft and finalize a financial power of attorney. As you can see, it’s much cheaper to do it yourself. If you wish to pay less but still have an attorney’s help, you can purchase our form and have an attorney review it once you are done.
You can find a free power of attorney form; however, you will not know if it is effective in Alabama or appropriate for your circumstances. If you own a business, suffer from terminal or chronic conditions, travel abroad frequently, or face constant exposure to hazardous conditions, purchase a form from a trusted source.
The available forms are self-explanatory, and for most people, they cover enough ground. However, if you would prefer the help of a lawyer, you can find a local lawyer through our Alabama estate planning attorney directory.
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