As stated above, power of attorney is a written document in which you (commonly referred to as the principal) appoint someone else (commonly referred to as the agent)to act on your behalf. Power of Attorney (POA) authorizes your agent (also sometimes called attorney-in-fact) can make decisions on your behalf within the scope of your POA.

Do I need a Power of Attorney?

Everyone should consider having a power of attorney. It allows you to proactively pick someone you trust to manage your affairs in the event you cannot do so on your own. POA not only gives you peace of mind, it spares your family and loved ones from having to to go through an expensive and often very time-consuming legal proceedings needed for getting a guardian or conservator appointed.

Why do I need a Power of Attorney if I already have a Will?

Your will is to let everyone know how you wish your assets/properties to be distributed after your demise. The executor of your will does not have any authority to act on your behalf while you are alive. Your power of attorney, on the other hand, specifies someone you trust (your agent) to make decisions on your behalf while you are alive. In light of this, it is important you have a POA that designates someone you completely trust as your agent. All powers of attorney expire when you pass away.

What are the Different Types of Powers of Attorney?

Powers of attorney not only differ in terms of the time your agent's powers begin and end, but also on the scope of responsibility that you (the principal) want to assign to someone you trust -i.e. your agent.

• Conventional/General Power of Attorney becomes effective at the time it is signed, and continues to remain in force until you (the principal) become mentally incapacitated.
• Durable Power of Attorney also becomes effective as soon as it is signed, and remains in effect for your lifetime, unless you revoke it.
• Springing Power of Attorney kicks into effect only when a specific event (specified apriori) occurs.
• Limited Power of Attorney
• Medical Power of Attorney

Unless your situation requires otherwise, durable power of attorney is usually serves the most. Consult an attorney if in doubt. Remeber, you can revoke a Power of Attorney at any time.

How Do I Prepare my Power of Attorney?

Your attorney should be able to help you prepare your POA for a nominal fee. If you are a DIY (do it yourself) person, there are several websites that provide Power of Attorney forms for either a very small fee or offer them completely free. Ready to use Power of Attorney Forms or Power of Attorney Worksheets are also available at IRS, American Assosiation of Retired People (AARP), and most state government websites.

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