A power of attorney is a legal document that authorizes another person to act on your behalf. The actions the appointed person can make vary from real property transactions to banking transactions to business operation transactions. A power of attorney is established when you assign power to the attorney-in-fact (designated person to act on your behalf). As the principal (you), you have the power to determine the powers your attorney-in-fact has. Given that you as the principal will be giving powers to the attorney-in-fact to act on your behalf, it is very important that you pick someone you can trust; the person can be a relative, spouse, adult child, etc. A power of attorney is an important tool in beginning your estate planning process, to discuss it in further detail, contact Ken Wasche at 763 280 5100 today.
