by 
The Curious Bag
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A power of attorney refers to an official document that allows another person or organization, known as an agent or attorney-in-fact, to handle your affairs while you are unavailable to do so for whatever reason.
Types
Some power of attorneys allow another entity to act on your behalf in all cases and circumstances, and others allow someone else to act on your behalf only in specific circumstances, over specific issues.
Purpose
A power of attorney can help protect your assets and health in situations where you are no longer in position to make decisions for yourself for whatever reason.
Potential
If you do not have a power of attorney, your next of kin will be appointed to handle your affairs, which may not be the person you most desire to make decisions for you.
Criminal Proceedings
If you begin partaking in illegal activity due to a medical condition, such as an Alzheimer's patient writing numerous bounced checks, you can be put at a disadvantage by not having the person you prefer to handle your proceedings.
Warning
Most people never get a power of attorney because they believe that nothing bad is going to happen to them, which leads to complex and difficult situations that can be avoided.
Source:
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