To best prepare yourself for the future, you should understand the differences between a financial and medical power of attorney (POA). As part of comprehensive estate planning, naming a power of attorney can help ensure your affairs are in order. However, deciding which power of attorney is right for your situation can be difficult.
A power of attorney is a legal document between two parties: the principal and the attorney-in-fact. Once enforceable, a POA grants the attorney-in-fact, also commonly known as the agent, rights to act on the principal's behalf. The scope of powers conveyed to the agent under a POA can range from the ability to pay bills to having the agent choose where the principal resides.
To best prepare yourself for the future, you should understand the differences between a financial and medical power of attorney (POA). As part of comprehensive estate planning, naming a power of attorney can help ensure your affairs are in order. However, deciding which power of attorney is right for your situation can be difficult.
A power of attorney is a legal document between two parties: the principal and the attorney-in-fact. Once enforceable, a POA grants the attorney-in-fact, also commonly known as the agent, rights to act on the principal's behalf. The scope of powers conveyed to the agent under a POA can range from the ability to pay bills to having the agent choose where the principal resides.
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