A Power of Attorney 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. The power can take effect immediately or only upon the occurrence of a future event such as a mental or physical disability.
A Power of Attorney 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