Power of attorney in the USA
Comprehensive advice from Investopedia
“A power of attorney is primarily used as a device for insuring that your directives and decisions in your best interest are carried out,” says Martha Kunkis, a New York City attorney with a practice focused on real estate, wills and estates, “especially if you are no longer able to accomplish these objectives without assistance.”
If you are not able to act on your own behalf due to mental or physical incapacity, an agent may be called upon to make financial decisions to ensure your well-being and care. These may include paying bills, selling assets to pay for medical expenses, or taking steps for the purposes of Medicaid planning. You can detail the scope and extent of what you wish your agent to do in the power of attorney.
“The authorization to make real estate or banking transactions, deal with retirement or government benefits as well as healthcare billing and other matters, including family interests, are the most important features of a PoA,” adds Kunkis. “These powers and others may be expanded or limited according to the needs and intention of the person who is the subject of the PoA.”
This useful resource provides a sound introduction to the whole subject of PoA in the USA, with links to definitions and associated issues, and full instructions on how to go about setting up a PoA.