Mississippi Durable Power of Attorney (Financial)

Last Updated: 5/20/2015

Document Description

Do you have a plan in place in case you can no longer manage your finances? Do you know who would make financial decisions on your behalf if you become incapacitated due to illness or injury? If you’re not prepared, these seemingly mundane and everyday tasks can become tied up in the complicated and expensive probate court system. It is important to have a plan in place to protect your assets and put your loved ones at ease.

The Mississippi Financial Power of Attorney is a form that assigns power and authority to specific fiscal responsibilities if and when you are no longer able to make those decisions yourself. As the principal, you designate an attorney-in-fact, or agent, to control your finances. This person will have the power to pay bills, file tax returns and manage other money matters on your behalf.

The agent will have power and authority over your financial life, so it is important to choose this person carefully. The agent can be any competent adult over the age of 18. He or she should possess common sense and a working knowledge of your financial affairs. This person should be trustworthy, dependable and preferably close by in the event of an emergency. It is also very smart to assign alternate agents in case the original agent is not available. Keep in mind that this person will be able to pay your monthly bills as well as withdraw and deposit cash from your bank accounts, collect government benefits and conduct real estate transactions.

Your Mississippi Financial Power of Attorney can be terminated at any time. The principal, or creator, can revoke it personally as long as he or she is still considered competent. This document is considered invalid once the principal dies, or if the agent is no longer available. The court can also declare the form void. In the state of Mississippi, this form is not automatically revoked in the case of divorce; you would need to revoke your current financial power of attorney and create a new one.




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