The Power-of-Attorney Wording That Lets One Adult Child Move Your Money — Fix It Before You Sign

A broad financial power of attorney can give an adult child significant authority over bank accounts and other assets, so parents should review banking, gift, beneficiary, and oversight provisions carefully before signing – Shutterstock

A power of attorney can make life dramatically easier when someone needs help paying bills, managing investments, or handling a bank account. But wording that gives an agent authority over “all financial affairs” or broadly authorizes banking transactions can put an enormous amount of control in one person’s hands, especially if that person happens to be one of several adult children.

That does not make a power of attorney a bad idea. Quite the opposite. A carefully drafted document can become an excellent safety net when illness, injury, travel, or incapacity makes financial chores difficult. The trouble starts when a document gives an agent far more power than the person signing it actually intended.