Power of Attorney
A power of attorney is the means you use to have your affairs managed should you become unable to manage your own affairs. There are a couple of situations where somebody would become unable to manage their own affairs such as when a person loses or temporarily loses mental capacity, or when somebody has gone into a comma. In these situations may be desirable or even necessary for somebody else designated by you to carry on your personal affairs. This is achieved with a power of attorney. There is more than one kind of power of attorney such as a springing power of attorney or a durable power of attorney.
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Each of these variations has its benefits and drawbacks. For example certain types require that the principal be found incompetent. This sounds simple enough but can often be a rather large hurdle and can consume valuable time.
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