A power of attorney (now called a letter of mandate) allows you to appoint someone, called an agent, to make decisions on your behalf related to your property, finances, and other personal affairs at your discretion and as specified in the document. It is a vital document to have in advance should you become incapacitated. The court must allow this person to take the actions specified in the document. At your discretion, a power of attorney gives another individual the authority to:
- Accept or decline an inheritance;
- Buy, accept, or receive by donation, any type of property rights;
- Deposit in and withdraw from banks or financial institutions funds, notes, certificates, and financial instruments;
- Accept oil and gas rights;
- Sell, quitclaim, donate, partition, exchange, lease, mortgage, etc. interests or rights of any kind owned or to be acquired;
- Open and answer all correspondence;
- Sign and file any and all federal, state, and local tax returns, or employ any legal financial accounting, or other assistance to protect your interests and rights after death; and
- Enable a person whom you designate to make healthcare decisions on your behalf.