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Financial Powers of Attorney

Posted by John B. Palley on Friday, March 2nd, 2012 in Estate Planning, Power of Attorney
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Powers of attorney are legal documents wherein you appoint an “attorney in fact” to act on your behalf. This person is not an actual an attorney but “attorney in fact” basically means they will stand in your shoes to make whatever decisions are needed for you. While POA’s are essential documents that most every estate planning lawyer will include in your estate plan they are not all inclusive.  This is because most full estate plans include a revocable living trust and most assets are transferred into the trust.  The POA only deals with things that are NOT in the trust. Thus the financial POA is limited in scope for most estate planning clients. Having said that the POA is still essential and necessary as it can help a person make decisions for you for non-financial matters like going to the DMV, caring for pets, and other day to day activities.

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