Takeaways As an agent under a power of attorney, you are a fiduciary and must act in the principal’s best interest. Your authority comes from the legal document — you can only do what the power of attorney allows and what state law permits. Good records and separate accounts are your best protection against misunderstandings
While a durable general power of attorney that appoints someone to act for you if you become incapacitated is a great tool, in some circumstances a power of attorney might not be the right tool. In these cases, a revocable trust, also referred to as a “living trust”, can help. Why have a power of
Statistics available over the last few years indicate that only one in three Americans have an estate plan and fewer still have a trust. The primary reasons people typically give for not having an estate plan are: Procrastination Believing they need more assets Not knowing how to make an estate plan An estate plan is
