A Power of Attorney is a document in which you give another person(s) the authority to act on your behalf regarding financial matters.

If you would be seriously injured or ill and become unable to make your own financial decision, your agent could pay your bills and manage your assets.

Without a Power of Attorney, it may be necessary for someone to obtain a conservatorship from the court. This process is much more time consuming and costly than preparing a Power of Attorney. Also, when you draft a Power of Attorney, you choose the person(s) who handles your affairs.

The authority given to another through the Power of Attorney will depend on its specific terms. A few potential uses of Power of Attorney would include:

• Pay real estate taxes and utility bills;
• Gain access to funds for children;
• Manage financial accounts;
• Handle real estate matters;
• Sign legal documents.