What is power of attorney?
A Power of Attorney is simply a type of legal document that allows you to delegate your right to manage, invest and spend assets owned in your individual name or in joint names to someone else. Sometimes called your "Attorney in Fact," all 50 states and the District of Columbia have their own laws governing Powers of Attorney. Some states even provide specific forms for their residents to use. These laws generally cover the following:
- Who can make a Power of Attorney;
- What minimal provisions the Power of Attorney must contain to be legally enforceable;
- Who can and can't be named as your Attorney in Fact; and
- What formalities must be observed when the Power of Attorney is signed. Because of these strict state law requirements, it is important to have your estate planning attorney or financial institution assist you with preparing and signing your Power of Attorney. Avoid the legal complications which could arise when you need them least, and retain one of our expert attorney's to help you plan and draft the legal documents for your future needs.