Most people perceive estate planning as, “What happens when I die?” But an important part of estate planning is the lifetime planning concept of using a power of attorney to have the right people act for you during your lifetime under certain circumstances. A power of attorney is accepted in all 50 states, but rules and requirements vary by state. So what is a POA? A POA gives one or more people (we’ll call this person the Agent, but you might also see them referred to as “attorney in fact”), the power to act on your behalf.
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