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Power of Attorney (POA)

Definition

A legal document that lets someone act on your behalf in financial or legal matters when you’re unable to do so yourself.

What to consider

  • Choose someone you trust completely to handle your affairs.
  • Review the scope of their authority to ensure it matches your needs.
  • Keep a copy of the document accessible for emergencies.

Real world scenarios

  • Margaret grants her daughter POA to handle bills while she recovers from surgery. This step prevents missed payments and late fees during her hospital stay.
  • Ashley updates her POA documents when she remarries, ensuring her new spouse can manage financial matters if she’s ever incapacitated.
  • By specifying limited authority, Fred ensures his designated agent can only address banking tasks, protecting other assets from misuse.

Related terms

Probate
Disability Insurance
Conservatorship
Executor
Will

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