At Chadwick Estate Law, we help clients across Philadelphia, Delaware, Chester, and Montgomery Counties prepare financial powers of attorney (POA)—essential documents that allow you to appoint a trusted agent to manage your financial matters if you cannot. Whether due to accident, illness, or aging, a POA ensures your affairs are handled smoothly and according to your wishes.
Why You Need a Financial Power of Attorney
Life is unpredictable. Without a POA, your family may be forced to petition the court for guardianship, a costly and time-consuming process. A properly executed POA ensures:
Continuity: Your bills, taxes, and investments are managed without interruption.
Control: You choose your agent—not the court.
Protection: Avoids unnecessary guardianship proceedings.
Family harmony: Reduces disputes by clearly delegating authority.
Pennsylvania law presumes POAs are durable unless otherwise stated (20 Pa.C.S. § 5604), meaning they remain effective even if you become incapacitated.
Types of Powers of Attorney in Pennsylvania
General Power of Attorney – Grants broad authority over finances and legal matters. Ends upon incapacity unless made durable.
Limited (Special) Power of Attorney – Authorizes the agent for a specific task or time, such as selling property or managing one account.
Springing Power of Attorney – Activates only upon a triggering event, typically incapacity confirmed by medical professionals.
Durable Power of Attorney – Remains effective even if you become incapacitated. This is the most common type used in estate planning.
The Process of Creating a Power of Attorney
Select an Agent – Choose someone you deeply trust. Consider reliability, financial literacy, and family dynamics.
Define Powers – Scope can be broad or narrow, depending on your needs.
Draft the Document – Must include Pennsylvania’s mandatory notice and agent acknowledgment (20 Pa.C.S. § 5601(c), (d)).
Execute Properly – Signed before two witnesses and a notary (20 Pa.C.S. § 5601(b)).
Store & Share – Keep originals safe and provide copies to your agent and key institutions.
Review & Update – Revisit every 3–5 years or after life changes.
Common Tasks an Agent May Handle
A POA can cover a wide range of responsibilities (20 Pa.C.S. § 5602):
Financial Management: Pay bills, manage bank accounts, oversee investments.
Tax Filings: Prepare and submit federal and Pennsylvania tax returns.
Asset Transactions: Buy, sell, or maintain property and investments.
Insurance & Benefits: Manage policies, file claims, access retirement benefits.
Legal Affairs: Sign contracts, represent you in legal matters, manage disputes.
Power of Attorney Frequently Asked Questions
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Yes. You retain full authority and may revoke the POA at any time while competent.
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Yes. Joint ownership doesn’t cover all assets (like retirement accounts). A POA ensures access without delay during one of your most challenging times.
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It remains valid until revoked, the principal’s death, or a termination date or event specified in the document.
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Yes. You may name co-agents and specify whether they act independently or jointly.
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The Principal or Beneficiaries can petition Orphans’ Court for removal, accountings, and recovery of misused funds.
Protect Your Legacy with a Plan You Understand
Call 215-277-0888, email Bass or fill out this form to get started.
