What if an accident or illness — or simply the effects of aging — made it impossible to manage your financial affairs? No one likes to consider such grim possibilities, but the truth is that almost every family will eventually face this kind of difficulty. While powers of attorney can’t prevent accidents or keep you young, they can certainly make life easier for you and your family if times get tough.
A power of attorney is a legal document that gives broad powers to a someone else to handle financial and business transactions on your behalf. With a valid power of attorney, the trusted person you name will be legally permitted to take care of important matters for you — for example, paying your bills or managing your investments, if you are unable to do so yourself.
A power of attorney is included in every one of our estate plans.