Financial Power of Attorney in Connecticut: What It Is and Why to Have One Before You Need It

A financial power of attorney is a signed document that lets someone you trust handle money and property matters for you. Mancuso Carey's attorneys prepare these for Connecticut clients, and this plain-English guide explains how one works in our state.

What is a financial power of attorney?

A financial power of attorney is a legal document where you name another person to act for you on financial matters. You're called the "principal." The person you name is your "agent."

Here, "agent" has nothing to do with a real estate agent. It means the person you've authorized to act for you.

The document spells out what your agent may do, which is why the wording matters.

Who is the agent, and what can they do?

Your agent is whoever you choose. Many people pick a spouse, an adult child, or another person they trust completely.

What an agent can do depends on what your document says. In general terms, a financial power of attorney can cover everyday money tasks such as paying bills, dealing with your bank, handling taxes, and signing paperwork for your property. Which of those you allow is up to you and is written into the document.

You're handing real responsibility to this person, so choose carefully. An attorney can talk through how much authority to give and how to word it.

Why have one before you need it?

People usually sign one while they're healthy, because, by law, you must be fully competent to sign a power of attorney. Waiting until something happens can be too late to put one in place.

A power of attorney can also help with a real estate closing. If you can't attend a Connecticut closing, someone can often sign for you with a properly drafted power of attorney that the lender and title insurer accept. Getting it in place well before closing matters, because a last-minute power of attorney can delay things. Our guide to what can delay a closing covers other common causes.

How is a financial power of attorney different from a will?

A financial power of attorney works while you're alive, and your agent's authority ends at your death. A will works after you die.

Neither one does the other's job, which is why people often put both in place together.

A healthcare directive and a trust are separate documents, and this article does not cover them.

If you're dealing with a house after someone has died, that is a different topic, covered in our guide to selling an inherited house in Connecticut.

What is involved?

Mancuso Carey's attorneys prepare a financial power of attorney and a simple will as a package for our Connecticut clients. You talk with one of our attorneys, we draft the documents, and you sign them with us.

If the attorney thinks your situation calls for more than those two documents, they will tell you, and you can decide from there.

Frequently asked questions

Who can be my agent?

Your agent is whoever you choose. Many people pick a spouse, an adult child, or another person they trust completely.

What can an agent do for me?

What an agent can do depends on what your document says. In general terms, a financial power of attorney can cover everyday money tasks such as paying bills, dealing with your bank, handling taxes, and signing paperwork for your property.

Can someone sign for me at a Connecticut closing?

If you can't attend a Connecticut closing, someone can often sign for you with a properly drafted power of attorney that the lender and title insurer accept. Getting it in place well before closing matters, because a last-minute power of attorney can delay things.

Does my agent's authority continue after I die?

No. A financial power of attorney works while you're alive, and your agent's authority ends at your death. A will works after you die.

Does the package include a healthcare directive or a trust?

No. Mancuso Carey's attorneys prepare a financial power of attorney and a simple will as a package. A healthcare directive and a trust are separate documents, and this article does not cover them.

Your next step

To talk with one of our attorneys, contact Mancuso Carey or any of our offices in Colchester, Rocky Hill, Danielson, or Milford.

This is general information, not legal advice. Every situation is different. Reach out to discuss yours.