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A financial power of attorney (POA) allows you to name someone (called an ‘agent’) who will have the power to manage your finances when you can’t. A financial power of attorney is often invoked due to declining physical or mental health. There are powers commonly given to your POA such as the power to manage bank or retirement accounts, buy or sell property, manage bills, and invest in your name. However, there are some useful powers that many people do not think to give to their POA. You should consider these powers when deciding what responsibilities to give to your POA: The power to gift - authorizes your agent to give your money and property to any person or organization on your behalf The power to make or change your estate plan - allows your agent to be able to alter an estate plan in a way you would have wanted. The power to prosecute and defend legal actions - gives your agent the ability to start, settle, defend, intervene in, and appeal legal action. The decision to add these powers should be carefully discussed with an estate planning attorney. If you have questions about what should be included in your financial power of attorney document, call us.