Financial Power Of Attorney Indiana

Power of attorney forms are common estate planning tools used to authorize someone else to handle some or all of your financial affairs.

Financial power of attorney indiana.

Under indiana law you must have a separate power of attorney document for medical issues than the one you may use for purely financial or business reasons. If you create these tools and later become incapacitated or otherwise unable to make decisions a durable power of attorney can give a loved one or other trusted individual the authority to handle your affairs without obtaining court approval to do so. In a power of attorney you name someone as your attorney in fact or agent to make financial decisions for you. The indiana taxpayer information management engine intime dor s new 24 7 self service e portal allows tax preparers to submit an electronic power of attorney or epoa to streamline the establishment of a poa relationship as noted in this chart.

The power gives your agent control over any assets held in your name alone. Indiana durable financial power of attorney form should be employed to appoint a representative or agent to exercise control over your finances on your behalf this is useful for a number of reasons. This authorization is used primarily for making financial decisions in the principal s interest. The indiana durable power of attorney form is a document by which an individual principal can authorize an agent attorney in fact to act on their behalf during their lifetime and in the event that they become incapacitated or die.

Your spouse closest relatives or companion will have to ask a court for. In illinois there is no restriction as to who individuals can. There is a legal arrangement called a durable power of attorney which gives a named individual authority to make decisions related to an incapacitated patient s health care under indiana durable power of attorney laws the named individual or attorney in fact is granted the ability to make decisions related to care treatment and whether to continue life support. If you become unable to decide for yourself and you haven t prepared a durable power of attorney a court proceeding is probably inescapable.

The difference between this designation and the durable power of attorney is that this document becomes void if the principal should become incapacitated. You cannot for example grant someone authority to manage your business in the same document that you use to grant medical care decision making. The indiana general power of attorney form grants a third party the authority to act on the principal s behalf for any type of financial decision within the state. A financial power of attorney is a good document to make for yourself but it can also be a great blessing for your family.