Power of Attorney

A Power of Attorney is a document that appoints a specific person to make decisions regarding money, banking, property, and the like. Typically a Power of Attorney is useful in the event a person is not able to make a decision for his or herself for some reason, which can be as significant as a medical incapacity or something as simple as being out of town when some problem arises (such as a banking emergency). Privacy laws which are intended to protect consumers from identity theft and the like also have the side effect of making it difficult for a person to transact certain business through friends or family. That is why a Power of Attorney can be invaluable, especially for married couples - it may seem reasonable that spouses could act on each other's behalf, but the reality is that in many instances they cannot without a formal written document such as a Power of Attorney.