A Power of Attorney is one of the most important Estate Planning documents imaginable. The Power of Attorney is only valid during your lifetime, and ceases at your death. The Power of Attorney allows you, the Principal, to name an Agent to handle your affairs. It can be as narrow or as broad as your prefer. The Agent named should be someone who is financially competent and organized. If you are unable to handle your affairs, your Agent can act in your place. The transactions can include real property transactions, banking, paying bills, operating your business, buying and selling property, amending and adding Estate Planning documents, and many other actions. The Power of Attorney is also a very powerful document, in that it gives your Agent the powers as soon as the document is effective. The document is effective when the Agent signs the document, not when the Principal signs the document. The Principal can continue to act, and can revoke the Power of Attorney in writing.
Naming a Power Of Attorney is the most important part of Estate Planning. Contact Nolfo McKenna today to name yours.