Powers of Attorney – What are They?
Before I went to law school, I thought of these documents as basically unnecessary because I thought they only applied in cases where someone needed to close a real estate transaction, but could not be present in person; therefore executed one of these documents in order to get the deal closed. But in fact, a power of attorney is a useful estate planning tool. A will is helpful to get property transferred with clarity and certainty. But a will does not activate until one dies. Often, more than we would like to think, people become disabled and are temporarily unable to make financial decisions, manage the checkbook, etc. A power of attorney authorizes someone you trust; usually your spouse or an alternate family member if the spouse is also incapacitated or no longer present, to make these important day-to-day decisions. Without one, creditors often jump into the picture because finances aren’t handled. And if you (or your parents) are wealthy and there are multiple family members, som
