Friday, August 12, 2016

Estate Plan's critical elements

Question: My children approached me about going to a lawyer and getting a “power of attorney.” They say it will help them care for me should I get ill. They make it sound pretty straightforward but I just want to do my homework. Answer: A power-of-attorney (POA) is a standard legal document that is an important part of any estate plan, it allows you to appoint a person (or organization) to manage your affairs. The person authorizing the other to act is referred to as the principal, grantor, or donor. The one authorized to act – likely one of your children – is the agent. The principal determines the amount of power given to the agent. This individual can be given authority to deal with only one particular issue, or to handle most of the principal’s personal and financial matters.

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