Power of Attorney
Your Legal Designations
A power of attorney is a legal document that is often part of an estate plan, though it doesn’t have to be. The purpose is to give a family member, financial institution, or some other person or entity the power to handle certain legal functions. Examples include payment of bills, banking, and even the right to have a bank, mortgage company, or realtor handle a house closing. The person signing the power of attorney must be fully competent and of sound mind. A power of attorney can be very limited and used for one transaction, or it can also be very broad in scope to enable another family member to handle all financial transactions. This document should be discussed with other family members and properly drafted and explained by an attorney.