Powers of Attorney
A power of attorney is a written document in which an individual (the “principal”) designates another person (the principal’s “agent”) with the power to exercise powers or perform acts on the principal’s behalf. This typically includes the right to conduct banking and financial transactions, pay bills, contract for services and buy, mortgage and sell property, as well as take care of your routine, day-to-day affairs.
Power of attorney documents can take several forms. For example, principals can appoint a family member to handle all of their affairs, or only to handle particular affairs such as selling a particular parcel of property if they are unavailable to handle the transaction themselves.
An agent has the duty to act in the principal’s best interests. It is critical that principals only appoint agents who they trust completely. Anyone 18 years of age and older may act as an agent, but oftentimes principals choose individuals who are more mature and experienced for such an important role. Choosing an agent is a very important personal decision. We can help you make that choice.
Power of attorney documents are an important part of an overall estate planning strategy. Ask us about how a power of attorney document might benefit you or a loved one.