What type of power of attorney is needed for access to my checking account?

Full question:

What type power of attorney do I need in order for someone else have access to my checking account and pay my federal income tax?

Answer:

You need a Durable Power of Attorney that is general and covers financial matters. If you want to limit it to specific tasks, like accessing your checking account and paying your federal income tax, you can use a Limited or Special Power of Attorney. Additionally, you can add someone as an authorized signer on your account. The IRS also provides a Special Power of Attorney form for filing tax returns, which you can find on their website.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

A legal power of attorney cannot make decisions regarding the principal's own personal care, such as medical treatment, if it is not specified in the document. Additionally, it cannot make decisions that require the principal's presence, like voting in elections. Lastly, a power of attorney cannot alter the principal's will or estate plan unless explicitly granted that authority.