A power of attorney is a legal document that gives one person ("agent" or "attorney-in-fact") the power to act on behalf of another person (the "principal"). The power of attorney may give the agent very general powers to deal with a variety of different matters or be limited to a specific transaction or personal area of business such as the execution of a contract, sale or purchase of property, investment, or business transaction. If something were to affect your capacity to act on your own behalf, a durable power of attorney will survive your incapacity.
Is a power of attorney necessary for my estate plan?
In addition to wills, trusts, and health care surrogates, power of attorneys are integral components to any comprehensive estate planning strategy. Whether your planning on allowing a trusted individual to act on your behalf for all your business and personal matters in case of an unexpected emergency or just to act for a specific purpose during your lifetime, an experienced attorney can provide you and your family added protection under all circumstances. Consult with an attorney with advanced training and knowledge in this specific area, not just an attorney with general estate knowledge.
Contact our office for additional information on how a durable power of attorney can benefit you.