Using Pre-Printed Forms to Make a
Financial Power of Attorney
A financial power of attorney is a useful and often necessary
tool for planning and taking care of business as you grow older. If you need
someone else to pay your bills or manage your affairs, a power of attorney
is a legal way to give someone you trust the authority to do these things
for you.
These days, financial power of attorney forms are widely available
in office supply stores and on the Internet. While it may seem easy and convenient
to use one of these forms, you should do so with caution.
You Can't Be Certain the Form is Valid
under Maine Law
Often, pre-printed legal forms are written in general terms for use in many
different states. Maine law requires that financial powers of attorney contain
specific language that may not be included in mass-marketed forms. Many of
the companies that sell legal forms are based in other states, and they may
not be familiar with Maine law.
One Size Does NOT Fit All
Even if a power of attorney form is legally valid, it may not be appropriate
for your particular situation. It is best to consult with an elder law attorney
who can evaluate your situation and tailor the document to meet your individual
needs.
You Could Be Putting Yourself at Risk
of Financial Exploitation
A financial power of attorney gives another person, known as your "agent,"
the ability to manage your financial affairs. However, it does not give your
agent the freedom to do what he wants with your money or property. Your agent
is supposed to follow your directions or act in your best interest if you
can't make decisions yourself.
Most pre-printed power of attorney forms give agents the broadest
possible authority with few limitations. Unfortunately, some agents abuse
this authority and help themselves to the money and property. An experienced
elder law attorney can draft a power of attorney that includes certain protections
to avoid or reduce this risk.
The law doesn't require that you have an attorney prepare
your financial power of attorney, but it is wise to do so. An elder law attorney
can evaluate your situation and create a power of attorney that addresses
your concerns and needs. If you are worried about the cost, be sure to ask
the lawyer up front what he or she charges. It may be a small price to pay
to protect your money and property, as well as your peace of mind.
If you are sixty or older and don’t own much property, Legal
Services for the Elderly may be able to prepare a power of attorney for you
at no cost. If you want to learn more about powers of attorney, look at some
of our other materials or contact the Legal Services for the Elderly Hotline
at 1-800-750-5353.
September 2008
