At some point in your adult life, you have probably heard someone mention the need for a power of attorney to help Mom with her financial affairs or maybe you are up in age yourself and want someone to help you with certain matters in the event you become incapacitated and are unable to do so. A power of attorney is a very important legal instrument that can help in both of these scenarios as well as aid in your estate planning decisions.

First, it is important to understand what a power of attorney is and what it can help you accomplish. Simply put, a power of attorney is a legal document which gives one person (the “attorney-in-fact” or “agent”) the power to act on behalf of another person (the “principal”). This attorney-in-fact can be given broad or limited authority to make legal decisions about the principal’s real property, finances or medical care.   

Powers of attorney come in many different forms....