A general power of attorney is a written instrument which designates one or more persons to deal with your financial matters including insurance, payment of bills, and the sale of real estate. The power generally is granted so that it can continue upon your incapacity. It is possible to limit what powers your attorney-in-fact possesses. If you do not have a power of attorney in place and you become incapacitated, any financial decisions would need to be made by a court-appointed conservator. At the court’s direction, the conservator would handle your financial assets. A conservatorship is an expensive and time-consuming process, especially when compared to the simplicity of executing a power of attorney. At your death, any power of the attorney-in-fact is automatically revoked and the management and distribution of your assets will be done through probate or pursuant any trust that holds the assets.
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