What Is A Power of Attorney & What Does It Do?
A power of attorney is a legal tool that allows a family member or trusted friend to access your bank account, pay your bills and handle other matters when you are not able to do so due to illness or injury.
When Should I Sign A Power of Attorney?In order to sign a valid power of attorney, a person must have the legal capacity to know and understand what they are doing. Once you are so ill or injured that you are incapable of handling your financial and other matters, it is too late. You cannot sign a valid power of attorney after you become impaired.
What If I Don't Want Anyone To Have This Authority While I'm In My RIght Mind?You may be hesitant to sign a power of attorney while you are capable of making your own decisions. However, there are several forms of these documents. For example, you can sign one that only becomes effective after you lose the capacity to make decisions for yourself. These are called springing powers of attorney.