Creating a Power of Attorney
A power of attorney (POA) is a legally binding document that allows you to appoint someone to manage your property and financial affairs.
- It’s an important part of an estate plan, and Guideway includes a power of attorney in our living trust package.
- When you create a power of attorney, you are called the principal, and the person you choose to act for you is called your agent.
- A power of attorney grants broad powers to the agent, the person who is acting on your behalf.
- The agent has the same authority as you have to make decisions, sign legal documents, handle your financial affairs and manage your assets.
- Choose this person carefully; it should be someone you trust because this is the person who potentially will be managing your life–paying bills, doing your taxes, troubleshooting insurance matters and making decisions about where you will live.
In times of crisis or declining health, a power of attorney can become an essential tool
This is especially important now with the growing number of families who are taking on the role of caregiver for their aging family members. Smart families are creating a power of attorney before they need it.