Tips For Choosing the Right Power of Attorney

Tips for Choosing the Right Power of Attorney

While a will is always an essential part of your estate planning, designating a power of attorney in case you are incapacitated is also extremely important.

Your power-of-attorney designee is someone whom you trust to manage your financial affairs or essential health decisions on your behalf if you are unable or unwilling to act on your own. The situation can result from disease, injury, or advanced age that leaves you temporarily or permanently unable to make decisions on your own. You may also simply want someone to act for you when you are out of the country, physically or mentally weak, but not disabled. This type of document is know as a Durable Power of Attorney.


Power of Attorney

What is Power of Attorney?

Power of attorney is a legal concept with which most of us are familiar, but may never fully understand until it is needed.

In its many forms, a power of attorney (POA) is a written document by which one person, the principal, authorizes another, a competent adult, to act as an agent to perform specified functions on the principal’s behalf. The extent of the agent or “attorney-in-fact” authority to act is defined by the type of POA agreement.