The first reason for having a power of attorney is convenience. If you are buying or selling assets and cannot appear in person to close the transaction, your agent may act for you. A second important reason to use a power of attorney is to be prepared for situations when you may not be able to act on your own behalf due to absence or incapacity. Such a disability may be temporary (e.g., due to travel, accident, or illness) or it may be permanent.
If you do not have a power of attorney and become unable to manage your personal or business affairs, it may be necessary for a court to appoint one or more guardians to act for you. With a power of attorney, you, and not a court choose who will act and defines the extent of their authority.
An important part of estate and Medicaid planning is the power of attorney which gives one or more persons the power to act on your behalf. The power may be limited to a particular activity (e.g., closing the sale of your home) or general in its application, empowering one or more persons to act on your behalf in a variety of situations. A durable power of attorney cannot grant the agent the ability to create your Last Will and Testament, to exercise your governmental voting privileges or to represent you in a court of law.
If you or a family member need assistance with power of attorney me at (716) 542-5444.