Power of Attorney
A power of attorney is an important life planning tool which allows one or more individuals to act on your behalf as your agent. This power can be broad or narrowly tailored, temporary or permanent, and may take effect immediately or only upon the occurrence of a future event. It is important to understand, however, that an individual’s agent can act just as the individual would in the same situation. Given the incredible grant of power, an individual should give careful consideration to whom he or she appoints as agent. Once appointed, an agent can exercise a variety of powers, including managing your financial affairs, amending trusts, transferring assets and making gifts.