A Power of Attorney is one estate planning tool that takes effect while you are still alive. It allows you to designate who will legally handle your financial affairs (General POA) or health affairs (health care POA) if you are not able to do so. A POA can take effect immediately after you sign it, or only upon the occurrence of an event that makes it impossible for you to take care of your own affairs. It can remain in effect indefinitely, or it can end when you are able to take over your own affairs again. Depending on the circumstances, sometimes having a power of attorney in place can help family members avoid having to go to court to obtain guardianship, a more time consuming and expensive process. A limited power of attorney can also be drafted for narrow purposes. We welcome your call about these issues.
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