Attorney-CPA Joe Cordell and co-host Susan Arthur break down the abilities that a Power of Attorney document gives the designated attorney-in-fact. Joe simplifies what a Power of Attorney is and talks about the historical context of empowering a designated individual to make a decision on your behalf.
Joe describes the different types of Powers of Attorney and their different functions. He discourages Powers of Attorney forms that exist, due to their inability to offer the specific and necessary coverage. Joe offers scenarios where having a Power of Attorney is a necessary component to making health care or financial decisions.
Joe emphasizes how naming someone as a beneficiary in a will or trust will not empower them to make decisions for you before you have died. He also highlights the emergency procedure involved in decision-making if you are incapacitated without a Power of Attorney and how it can end up costing you quite a bit.