Powers of Attorney- Part 1

What is a Power of Attorney?

I have previously written about the importance of having a durable power of attorney. It is worth more discussion, as these documents that can be so useful are so simple to prepare. The next several posts will focus on the nuts and bolts of powers of attorney.

A power of attorney is a document that allows an individual to appoint someone to make business or financial decisions in his or her place. The power may be limited (such as a limited power for purposes of selling a home) or more general (such as a general durable power allowing someone to handle all business matters).

Absent a power of attorney, an individual must seek court approval in order to handle another individual's financial or business affairs. The time and cost of seeking court approval are enormous compared to a simple and cost effective power of attorney. This document is one of the best legal investments an individual can make!