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Power of Attorney
Every adult should have a Power of Attorney. This is especially important for seniors who are near the point of no longer wanting to (or no longer able) to make financial decisions for themselves. A power of attorney document appoints an agent who can step in if and when needed to handle someone’s legal and financial affairs, such as paying bills,
filing insurance, dealing with lawyers and accountants, and more.
An agent acting under power of attorney is considered a fiduciary. As a fiduciary, the law requires Embrace Journey to manage our client's money and property in the best interest of the owner.
What is a Power of Attorney?
(Attorney-in-Fact)
A Power of Attorney is a legal tool by which individual delegates another person or company to manage some or all financial matters. The person or company that is designated is called an “Attorney-in-Fact”, whereas the document itself is called a “Power of Attorney” or POA. Many people use the term POA to refer to both the document and the person who is acting on their behalf.
An individual who has the capacity may utilize a POA to delegate the authority to conduct banking transactions, buy or sell real estate, make investment decisions, take care of tax matters, manage the property, make legal claims or conduct litigation, and conduct other financial management. A durable POA continues to be effective if the client becomes incapacitated, whereas non-durable POAs terminate upon the incapacity of the client. The duties of the Attorney in Fact, and the POA document, terminate upon the death of the client.
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