A financial power of attorney names the person who can manage business and financial matters when you are unable to act. It is a simple but essential part of a complete estate plan.
Without a power of attorney, a court may need to appoint a conservator through a public, time-consuming, and expensive proceeding. The person appointed may not be the person you would choose or know how you want matters handled.
Used alongside a living trust, the document can provide broad continuity while keeping responsibilities and authority clear.
Worth knowing
Your power of attorney should be coordinated with your trust, ownership structure, and other planning documents.