Power of Attorney is a legal document that authorizes another person to act on your behalf with regard to financial or property matters. The authority can be limited or very broad and can cover all matters related to property you own.
A Power of Attorney can be a very important device for an individual anticipating the possibility of incapacity, but it should not be granted without careful consideration of the person to be entrusted with the power, the property transactions subject to the power, the duration of the power and many other relevant circumstances and factors.
We encourage our clients, regardless of age, to establish a Power of Attorney. In the event they become incapacitated, an attorney in-fact (their agent) will act on their behalf, managing their financial affairs. As a result, it is unlikely that a conservatorship proceeding would be needed for the management of financial affairs.