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How Does a Financial Power of Attorney Work?

Appointing a financial POA now will give you and your family a peace of mind for the future.

What is a financial power of attorney (POA)?

A financial power of attorney is a document that gives someone else the power to make financial decisions for you. If you create a financial POA, you might be referred to as the principal and the person you appoint to take care of your finances is officially your agent.

Here are the answers to all of the questions you may have about a financial POA.

What can a financial POA do?

This depends on how much permission you grant them. Your financial POA can be given power to:

  • Make your financial decisions
  • Manage your accounts and investments
  • Manage your property
  • Pay your bills
  • Pay your taxes
  • Sell your assets

When does a POA become effective?

Again, this depends on your personal choice.

You might prefer to have your POA become effective as soon you both sign the document. Maybe you travel often and you want someone to be on hand to make financial decisions when you’re out of town, or you might want your POA to become effective only if, and when, you are not of sound mind to make decisions. When completing POA paperwork, make sure this is clearly stated in the document.

When does a POA end?

Once you and the agent sign the POA it is binding until:

  • Death
  • You revoke it.
  • A court invalidates it.
  • The agent is not able represent you.
  • You become incapacitated and your POA does not continue after incapacity.

What can happen if you don’t appoint a POA?

If you fail to choose a POA, in the case you are unable to make financial decisions, your finances will automatically revert to the state if you become incapacitated. If this happens, your family will need to go through the courts to regain control of your assets. It will be a long and expensive battle that can easily be avoided with one simple document: a POA.

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Frequently Asked Questions

  • How do I receive an incoming wire transfer at Listerhill?

    All incoming wires must be received using Listerhill's routing number of 262277011. The member should use the routing number along with their member number and share ID suffix or their draft number when receiving a wire.

    Wire to:

    Listerhill Credit Union

    4790 E. 2nd Street

    Muscle Shoals, AL 35661

    1-256-383-9204

    ABA No.: 262277011

    For credit to the account of:

    Member's Name:

    Member's Address:

    Member's Account No.:

  • What does it cost to send or receive a wire transfer?

    Incoming Domestic Wire Charge: $20.00

    Outgoing Domestic Wire Charge: $20.00

    Incoming Foreign Wire Charge: $35.00

    We do not process outgoing foreign international wires. We can receive them only.

  • Can I conduct a wire transfer through Listerhill?

    Listerhill is capable of receiving incoming wire transfers and sending outgoing domestic wire transfers. All Branch Managers, Loan Officers, Senior Member Advocates, Member Advocates, and Tellers can provide our members with information needed to receive incoming wire transfers.

    Branch Managers, Member Advocates, and Senior Member Advocates can assist with processing outgoing domestic wires.

    We do not process outgoing foreign international wires. We can receive them only.

  • How do I qualify for membership at Listerhill?

    To qualify for membership with Listerhill, you must meet one of the following requirements:

    • If you live in the states of Alabama, Georgia, Mississippi, Florida, or Tennessee, you are eligible to become a member.
      • Depending on your individual eligibility requirements, we may require membership into an approved association at no cost to you.
    • You can also qualify for membership by being a family member of a current or potential Listerhill member.
  • If you do not live in qualifying counties or states

    You can qualify for membership by being a family member of a current or potential Listerhill member.