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Trusts and Estates Videos 178 videos

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Finance: What is Power Of Attorney (Trading Authorization)? 2 Views


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Description:

Power of attorney refers to the authorization to conduct business on legal and financial matters on behalf of another party. So...choose wisely.

Language:
English Language

Transcript

00:00

What is power of attorney?

00:06

alright well little old Maybelle blue hair just can't think straight anymore

00:11

at least when it comes to managing her considerable volumes of money husband [kitchen oven on fire]

00:16

number four was loaded and had a weak heart and well he ate one too many [tombstone and grave]

00:21

cheeseburgers Maybelle trusts her grand nephew

00:24

Beauregard to make trades on her behalf and has given him trading authorization

00:29

to manage her account that is he can make trades without pre-clearing each [Maybelle carries brownie trays]

00:34

one with her his status is analogous to having power of attorney in doing

00:40

various legal and financial things in life like you might sign over power of

00:46

attorney to your legalese proficient uncle to handle negotiating the terms of

00:51

your juggling contract because well with your busy schedule you need some help [hand signing power of attorney papers]

00:55

keeping all your you know balls in the air and you have the option between

00:59

granting general or limited power of attorney like if you want your uncle to

01:05

handle all of your finances general POA makes sense but if you only want him to

01:10

handle your contracts like in a specific narrow area like at this brokerage

01:14

account only with equities or dead or something like that well then a limited

01:18

POA would be more appropriate so ya trading Authority is the Wall Street

01:23

e-version of power of attorney you might really want to put a few grand into the

01:27

stock market but as far as you know the stock market is just a market where they

01:31

keep produce you know stocked so you turn over authority to make the actual [Maybelle at the food market]

01:36

decisions and perform the actual trades to someone you trust to you know more [Maybelle brings food bag home]

01:41

efficiently handle your money because if everything's left up to little old miss

01:44

blue hair her entire life savings could end up invested in sweaters for cats Inc [Maybelle dresses her cat in a sweater]

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