Power of Attorney is a legal document that authorizes an individual (the “Attorney in Fact”) to act on your behalf as it pertains to financial or property matters. You control the authority that is granted through this document which can limit or expand what the Attorney in Fact can do.
A Power of Attorney is a powerful tool to help ensure you are cared for in old age or if you should become incapacitated. Due to the nature of the authority it grants, it is important that the person chosen to manage or control financial affairs is trustworthy. By executing a Power of Attorney and choosing a reliable and trustworthy Attorney in Fact, you are able to protect yourself from possible financial exploitation or neglect.
Regardless of age, it is important to have an up to date Power of Attorney. Without a power of attorney, a conservatorship proceeding may need to be started to address management of financial affairs. Not can this process be timely and costly, but it can leave you with someone managing your finances who would not have been of your choosing.
