Setting up a power of attorney is one of the most important estate planning tools a person has. Why is this? A power of attorney is a document you create that authorizes someone to manage your affairs and act on your behalf if you become incapacitated or otherwise unable to manage your affairs.
There are two kinds of powers of attorney. The first is a medical power of attorney, which grants power to an individual you name to make medical decisions for you if you become incapacitated, sick, or injured and cannot advocate on your behalf. There are also financial powers of attorney, which grants power to an individual you name to make medical decisions for you if you become incapacitated, sick, or injured and cannot advocate on your behalf. There are also financial powers of attorney, which...