Do I Need a Power of Attorney?
A power of attorney (POA) should be a part of every estate plan. A POA is a legal document that allows you to appoint a person to manage your financial affairs if you become unable to do so. With a POA, you can avoid the necessity of a court appointing a guardian for you if you become incapacitated. Since the POA takes effect without a court appointment, a POA will save the expense of a court proceeding.
The person you appoint as your POA is called an attorney-in-fact. You should select someone you trust and who is good at taking care of his or her business. If possible, they should live close enough to you to efficiently handle your financial matters.
We hope this information will be useful to you as you consider your estate plan. If you have any will or estate planning document related questions, contact us for a consultation.