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I want to plan for someone to take care of my finances

Financial Power of Attorney

A Financial Power of Attorney (FPOA) is a document that lets someone you trust manage your property and finances temporarily. The person you choose is called your agent. Your agent can do things like pay bills, cover your children’s expenses, and sell or rent out your home. You decide what powers your agent has. There is a sample Financial Power of Attorney on this website. This is also called a Durable Power of Attorney.

 

Who should I pick as my agent?

Your agent can be any trusted adult. Your agent can be your child’s caretaker. If you choose different people to be your agent and child’s caretaker, you should provide instructions in your FPOA about providing money to the caretaker of your child.

You should pick someone you trust because they will have power over your bank accounts and any other property you want them to manage.

 

Key points about an FPOA:

  • It is a private agreement, not a court order. You do not need to go to court for this document to be in effect.

  • You specify which accounts and property your agent can access and control.

  • You can decide when the FPOA starts and ends.

  • You can end the FPOA in writing anytime using a special form called the can a Revocation of Financial Power of Attorney. A sample Revocation of FPOA is on this website.

  • Your bank may have additional forms to give someone access to your account. Please contact your bank to ask if your agent will need any forms other than the power of attorney to access your account

 

Steps to Complete Financial Power of Attorney

1. Complete the form

Fill out all the blanks on the FPOA form. You need to say:

  • who should be your agent
  • what powers you want your agent to have
  • when the FPOA should start

2. Notarization

Sign and notarize two original copies of the FPOA.

  • If you are signing the FPOA in a language other than English, you should sign two copies in that language and two in English.

  • The FPOA must be notarized. This means a notary public must check that you are who you say you are when you sign the FPOA.

  • To get your document notarized, you need to show the notary a current (not expired) ID from any government office. This can be a passport, driver’s license, or a non-driver identification card. If you use a different government ID, it must have your signature or photo. If you do not 2 have an ID, the notary public may be able to use another identity verification process. You may contact the notary to ask them how they want to do this.

3. Keeping Copies

  • Make two original copies of the FPOA.

  • Keep one for yourself. Give one to your agent. Keep your copies in a safe place like a fireproof box nearby for when you need to access it.

  • Make a digital copy of the FPOA. You can take photos or scan it into your phone. Send a copy to your agent.

Frequently Asked Questions

I own a home, and if I can’t pay my mortgage, I will lose my house. What can I do to protect my home if I am deported?

There are two main things you can consider:

 

1. Selling your home: You can use a FPOA to have an agent help you sell your home. You should keep the documentation of any sale to document any cash you get

2. Have an agent care for your property: You can use a FPOA to have an agent pay your mortgage and care for your property while you are unavailable.


You may want to consult with a real estate attorney and/or an estate planning attorney about whether you should transfer the deed to your home to your agent or your children.

Here are some options for a car:

  •  Sell Your Car for Cash: This is the straightforward solution if you don’t plan to use the car in the near future. You should keep the documentation about the title and how you got the cash in order to be able to deposit that cash in many bank accounts in other countries.

  • Give the power to care for your care through an FPOA: Have your agent care for your car. You can give the power to care for your car through a FPOA.

  • Transfer Ownership or Add Someone to the Title: You can transfer your car to someone else or add them to the title, which is the record of ownership.


However, simply adding someone to the title or executing an FPOA isn’t enough if you plan to keep the car. Make sure to also consider the following:

  • Maintain Car Insurance: Ensure your car remains insured. Discuss with your insurance provider the implications of transferring ownership or having someone else drive your car for an extended period.

  • Update Car Registration: Make sure your car’s registration accurately reflects its current ownership status. Your agent can do this with a FPOA.

  • Consult Professionals: It’s crucial to seek advice from an experienced attorney, your insurance provider and the Department of Motor Vehicles (DMV) for proper guidance, especially if you don’t own your car outright and still owe money on a car loan.

Washington D.C.

⦁ DC Financial Power of Attorney Form and Frequently Asked Questions

 

 

Maryland

You can choose someone to take care your finances through a Financial Power of Attorney (Durable Power of Attorney). For information on Financial Power of Attorney (Durable Power of Attorney), please see this FAQ. More information is available here and here. The forms can be downloaded here.

 

Virginia

You can choose someone to take care your finances through a Financial Power of Attorney (Durable Power of Attorney). More information is available here.

 

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