Q. What is a Power of Attorney and should I have one?

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Q. What is a Power of Attorney and should I have one?

A. A Health Care Proxy deals with your medical needs. A Power of Attorney deals with your financial needs. By executing a Power of Attorney (POA), you (Principle) appoint an Agent who will have the power to handle your finances. You will be able to specifically state what powers you wish to grant to the Agent. For example, the power over bank accounts, stocks, bonds, and/or real estate.

It should be noted that a POA limits gifting ability by the agent. A principle can execute a Statutory Gifts Rider, which grants your Agent the power to make gifts of your property. These gifts are supposed to be in the principle’s best interest. A power of attorney is an extremely powerful document that should very well be thought out and discussed with your attorney.

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Clients first entrusted us to help them with their estate planning and elder law issues over 30 years ago. Since then, we have expanded our practice to include real estate, but our focus continues to be on assisting clients with some of the biggest issues they will face in their lives.

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The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. Contacting us does not create an attorney-client relationship.

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