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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 as certified by a physician.
A power of attorney is unnecessary as to assets previously transferred into a living trust. However, if there is property outside of the trust, such as IRAs, a power of attorney is needed to buy and sell those assets within the IRA.
A 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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