Should I have a power of attorney?

A power of attorney is a written document where one person (the principal) gives another person (the agent) authority to handle the principal’s financial and property related matters. The authority granted by the principal can be limited to a specific purpose, multiple purposes, or can apply broadly to all matters related to the principal’s finances and property. This document can become very useful if the principal becomes unable to handle their own affairs due to an accident or illness. In such a scenario, if a power of attorney is already in place, the designated agent can take over managing the principal’s finances and paying their bills. On the other hand, if a power of attorney was not already done, the appointment of a guardian may be needed, which will be costly and likely take several months. A power of attorney can be a valuable precautionary measure. That said, you should think carefully before executing a power of attorney. You must be confident that the person you designate as your agent is trustworthy and will always act in your best interest. For more on this, consult with an attorney experienced in preparing power of attorneys.