Power of Attorney

Power of Attorney

A Financial Power of Attorney is an easy way to arrange for someone to be in charge of your finances. It can take affect as soon as it’s signed or upon some event – incapacitation or international travel.

A power of attorney is a written document in which the “principal” (your loved one, for example) appoints someone else, referred to as an “agent” or “attorney-in-fact,” to act for her under certain circumstances.

The principal decides how much responsibility she wants the agent to have. She can give her agent a wide range of powers — the ability to access bank accounts, sign income tax returns, sell stocks and manage real estate, for instance — or she can limit that person’s authority to a single transaction. The Power of Attorney automatically expires at the time of the principal’s passing.