Power of Attorney

What is a Power of Attorney?

A Power of Attorney (POA) is a legal document that allows you to appoint someone you trust to make financial or legal decisions on your behalf. This person, called your agent or attorney-in-fact, can step in to handle important matters if you become incapacitated, are unavailable, or simply need assistance managing your affairs.

At Vault Estate Planning, we help individuals and families create a Power of Attorney as part of a comprehensive trust-based estate plan, ensuring their financial and legal affairs are protected.

Why Do You Need a Power of Attorney?

Many people assume that their spouse or family members can automatically make decisions for them if they become unable to do so. However, without a legally executed Power of Attorney, your loved ones may have to go through a lengthy and expensive court process to gain the authority to manage your affairs.

A Power of Attorney ensures that:

✅ Your financial matters are handled if you are incapacitated
✅ Someone you trust can manage your legal affairs
✅ You avoid costly and time-consuming court-appointed guardianship
✅ Your estate plan operates smoothly in case of an emergency

How Does a Power of Attorney Work?

1️⃣ You Choose an Agent – You designate a trusted person (spouse, family member, or friend) to act on your behalf.
2️⃣ You Define Their Authority – You can give them broad powers to handle all financial and legal matters or limit them to specific tasks.
3️⃣ The Power of Attorney Takes Effect – Depending on the type of POA, it may take effect immediately or only when you become incapacitated.
4️⃣ Your Agent Acts on Your Behalf – Your agent can manage assets, sign documents, pay bills, or make other decisions based on the authority you granted them.

Types of Power of Attorney in a Trust-Based Estate Plan

🔹 Financial Power of Attorney – Allows your agent to handle money matters like banking, investments, real estate, and bill payments.
🔹 Durable Power of Attorney – Remains in effect even if you become incapacitated, ensuring continuity in managing your affairs.
🔹 Limited Power of Attorney – Grants authority for specific tasks, such as selling a property or managing one account.
🔹 Healthcare Power of Attorney – Authorizes your agent to make medical decisions if you are unable to do so.

Power of Attorney & Your Trust-Based Estate Plan

If you have a Revocable Living Trust, your Power of Attorney works alongside it to ensure all your assets are managed according to your wishes. Your successor trustee handles assets inside the trust, while your Power of Attorney controls assets outside the trust and other financial/legal decisions.

By including a Power of Attorney in your estate plan, you ensure that someone you trust can step in when needed—without unnecessary legal hurdles.

Get a Power of Attorney with Vault Estate Planning

At Vault Estate Planning, we specialize in creating Power of Attorney documents that fit your unique needs and integrate seamlessly with your estate plan. We’ll guide you through the process, ensuring your wishes are legally