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 A power of attorney allows one individual to handle the financial affairs of another, including buying or selling assets, depositing or withdrawing funds from bank accounts, etc. A power of attorney can commence either immediately, or upon your becoming incapacitated. The power of attorney is unnecessary as to assets previously transferred to the living trust. However, if there is property outside of the trust, such as IRAs, the power of attorney can postpone or avoid a conservatorship if you become disabled. It can save an enormous amount of family grief. It is inexpensive, and considered essential for those without trusts.
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