What is a Financial Power of Attorney and Why Do I Need One?

**Understanding Financial Powers of Attorney | HeirKare Podcast with Kathleen and Erik Welcome to the HeirKare Podcast! In this episode, estate planning attorneys Kathleen and Erik from Fowler Baker Shade break down what you need to know about financial powers of attorney (also called durable general powers of attorney). What You'll Learn: ✅ What a financial power of attorney is and how it works ✅ The difference between immediate and springing powers of attorney ✅ What "durable" means and why it matters ✅ Specific powers that must be explicitly granted (gifts, trusts, beneficiary changes) ✅ Why this document is MORE important than your will ✅ Real-world scenarios where POAs are essential (military deployment, stroke, incapacity) ✅ When you might still need a conservatorship despite having a POA ✅ Special considerations for individuals with special needs ✅ Fiduciary duties and responsibilities of your agent ✅ Why statutory forms can make your life easier Key Takeaways: • A financial POA costs a few hundred dollars vs. thousands for a conservatorship • These documents are the most likely to be used in your estate plan • Your agent stands in your shoes at the bank and can do anything you can do • It's easier to set up POA access while you're still competent About the Hosts: Kathleen and Erik are estate planning and elder law attorneys with Fowler Baker Shade, based in East Tennessee. They specialize in wills, trusts, powers of attorney, long-term care planning, special needs planning, and business succession. 📧 Contact Us: [email protected] 🌐 Website: fbslawfirm.com ⚖️ Disclaimer: This podcast is for informational purposes only and does not constitute legal advice. Consult with a qualified attorney for advice specific to your situation.