What is a power of attorney and why do I need it?

A power of attorney, also referred to as a “POA,” is a legal document that allows you to appoint someone you trust to act on your behalf in financial and legal matters. The person you appoint can act on your behalf while you are alive or if you become incompetent.

Why You Should Have a Power of Attorney

There are many reasons for having a Power of Attorney.

For example, a member of the military being deployed overseas, leaving behind their families, should have a power of attorney. He or she needs to appoint someone to act on their behalf to handle certain legal, financial, and familial affairs while they are deployed.

A child moving to college is another example, for the same reasons. A person that travels for work often should have a Power of Attorney appointing a trusted person to attend to his affairs in the event of long absences.

Furthermore, if you are in retirement or have health issues, a Power of Attorney makes life so much easier for your loved ones to attend to your affairs—including paying bills, dealing with medical insurance, Medicaid or Medicare offices, and everything in between.

Power of Attorney with Shariawiz

Each Shariawiz estate plan comes with a financial Power of Attorney that is state-specific and legally binding.