Power of Attorney
A power of attorney is a very important legal document which allows a person (the principal) to appoint another person (the agent) to act on behalf of the principal. Because the power of attorney gives the agent authority to act on behalf of the principal, it is extremely important to pick a person to be an agent that is completely trustworthy. The principal-agent relationship creates what is known as a fiduciary duty. This means that the agent has a duty to act only in the best interest of the principal and cannot engage in 'self-dealing' without violating his or her fiduciary duty. Below are just a few powers that an agent can be given in a power of attorney:
Make financial decisions on behalf of the principal
Access the principal’s financial accounts to pay bills.
Make healthcare decisions
Manage the principal’s property
File taxes on behalf of the principal
These are just a few powers that can be given in a power of attorney. If you have questions, please give us a call. We would be glad to help you determine what you need and draft a document that best meets those needs.
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