A Power of Attorney (also known as POA) over Assets gives another person the power to act on your behalf as your agent. The document can be limited to a particular activity, be temporary or permanent. POA for Asset Protection can take effect immediately or only upon the occurrence of a future event such as a mental or physical disability.
A POA for Asset Protection allows you to choose who will act for you and defines his/her authority and limits.
Your agent may be given the following authority:
- Managing your day-to-day financial affairs.
- Take steps to implement your estate plan
- Make gifts on your behalf
- Deal with assets held in your name such as IRAs and 401k plans
- Help with long term care planning
The process of estate planning may seem daunting… but, it doesn’t have to be. Estate planning and assigning POA for Asset Protection is a proactive way to ensure that you, your family, and your estate