Power of Attorney
The document also specifies whether these individuals are allowed to act separately or required to act together. Because of the financial authority conveyed, it is critical that the Adult fully understands what powers they are granting with this document and have complete trust in the person they are appointing.
It also allows the Adult to compensate their designated attorney for performing actions on their behalf.
Who should have a Power of Attorney?
This document has great value for anyone who:
wants to ensure that a trusted person would take care of bill paying, correspondence and financial management in the event of incapacity or absence
may need assistance with their daily finances now or in the future
wants to avoid the very lengthy and expensive process of a court appointed committee should they suddenly become incapable
wants to avoid having the Public Guardian and Trustee take over his or her affairs