If you are planning your life and want everything to be in order just in case, then power of attorney is something to pay special attention to.

A power of attorney is valid in every state in the US and gives one or more people the right or power to act on your behalf. The power or right to act on your behalf may be limited to a particular activity or may empower someone to act on your behalf in a variety of situations.

A power of attorney can be effective immediately or it can be exercised upon the occurrence of an event in the future. The right to act on your behalf may be temporary, ongoing, or permanent.

If you wish to revoke the power of attorney granted to a person, you may do so. However, most US states require a written notice of revocation.

Most people wonder why it is necessary to give someone else the power to act on their behalf. In fact the answer is very simple. It’s all about convenience. If you are buying or selling assets, you may not want to always be around to close the deal. The power of attorney allows another person or persons to close the deal on her behalf. However, the most important use of power of attorney is that you are unable to act on your own behalf. This could be due to an accident, illness, or you could be traveling. Allow someone else to act on your behalf so that nothing stagnates and things can work.

If you are unable to manage your personal or business affairs, and you do not have power of attorney, the court may appoint someone to act on your behalf. You will have no say as to who should be appointed. However, with a power of attorney, the right to choose a person and the limits of the authority they have is up to you.

If you don’t have a power of attorney, it’s about time you started thinking about one. It will remain valid once you sign it and it will remain valid until you die or revoke it.