For those serving in the military, preparing for deployment involves more than packing gear and saying goodbyes. It also means making sure that everything back home is taken care of—especially when it comes to finances. One of the most effective and practical ways to do that is by setting up a Financial Power of Attorney (FPOA) before heading overseas.
A Financial Power of Attorney is a legal document that allows you to appoint someone you trust to handle your financial matters while you’re away. Whether you’re deployed for a few months or a year, this simple step can offer peace of mind and prevent unexpected complications.
1. What a Financial Power of Attorney Does
When you’re stationed abroad, you may not have the time, ability, or access to manage your financial responsibilities back home. A Financial Power of Attorney allows your chosen agent (often a spouse, parent, or close friend) to take care of:
- Paying bills and managing bank accounts
- Handling real estate matters, like rent or mortgage
- Filing taxes or managing tax-related correspondence
- Dealing with insurance claims or benefits
- Accessing retirement accounts or managing investments
Having someone who can step in and make these decisions helps keep your affairs running smoothly so you can focus on your mission.
2. Why It’s Especially Important for Military Members
Life in the military is full of unique challenges and uncertainties. Here’s why a Financial Power of Attorney is particularly valuable for service members:
- Unpredictable Schedules: You might be in a different time zone or location without reliable internet or phone access.
- Urgent Decisions May Arise: If something unexpected happens (like a car accident, tax issue, or home repair), your agent can act immediately.
- Peace of Mind for You and Your Family: Knowing that someone can handle your finances back home reduces stress for both you and your loved ones.
- Avoids Legal Delays: Without an FPOA, your family may need to go through a lengthy court process to get permission to act on your behalf.
3. Choosing the Right Person
The person you name as your financial agent should be someone you trust completely. They should be financially responsible, organized, and capable of handling day-to-day money matters. It’s also important to communicate clearly with them about your expectations and any specific instructions.
4. How to Set Up a Financial Power of Attorney
Setting one up is straightforward and can often be done with an estate planning tool, like MyKeyDocs, or through your base legal office:
- Choose Your Agent: Think carefully about who will act in your best interest.
- Complete the Legal Form: Each state has its own variations and requirements, which can be automatically handled through our Financial Power of Attorney document.
- Sign and Notarize: Most FPOAs require notarization to be valid.
- Distribute Copies: Give a copy to your agent, your bank, and keep one with your important documents.
Final Thoughts
As a service member, you’re committed to protecting your country. Taking steps to protect your finances while you’re away is just as important. A Financial Power of Attorney gives you the confidence that someone you trust is handling things back home—so you can stay focused on your mission, knowing everything is under control.
