Lowell Sun: Q: I am an elderly gentleman thinking about granting power of attorney to my son, so he can handle my financial affairs now and after my death. What issues should I consider?
A: Among numerous considerations in granting someone power of attorney (or POA) over your assets, I will discuss some major issues. Please allow me to first correct a common misconception about a POA form and its ability to be used after death. Rights granted under a POA, terminate upon the death of the grantor. However, while you are living, a POA can be a great tool for convenient financial management.
When you give someone the rights of a power of attorney, you authorize the named person to make financial decisions on your behalf. The POA form acts as an authorization letter, allowing a bank or financial institution to deal with your named attorney-in-fact.
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