A Power of Attorney is an important document that allows you (“the principal”) to appoint an agent to make decisions concerning your legal and financial matters in the event you are unable to do so for yourself. If you have not executed a Power of Attorney document and you become incapacitated, a guardianship court proceeding will be required to authorize someone to make legal decisions on your behalf. A guardianship proceeding can take several months and cost several thousand dollars to complete. The good news is that creation of a valid Power of Attorney can avoid the necessity of a guardianship proceeding. As such, the execution of a Power of Attorney document is a very important estate planning tool.
Posts from July 2009.
By Linda Grear on July 31, 2009