Tag Archives: Power of Attorney

Facts About Powers of Attorney

Everybody should have a power of attorney.  But not everybody knows exactly what it is or why it’s so important.

A power of attorney is a legal document that empowers a person you trust to handle your financial affairs if and when you become incapacitated.  While you’re up and around, the document just sits in a file.  But if you’re in an accident, where suddenly you can’t act on your own behalf, the document allows somebody else to make decisions on your behalf—usually temporarily, until you can start handling your own affairs again.  At that point, the document goes back in the file, and you’re back in charge.

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Not-So-Powerful Powers of Attorney

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Everybody should have a power of attorney—that is, a legal document that gives a designated individual the right to act on their behalf when making financial decisions. The power of attorney is most often used by adult children to make decisions on behalf of aging parents when they are no longer capable of making sound decisions on their own.

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