A power of attorney is one of the common forms used as part of the estate planning process. The “principal” is the person who is creating the power of attorney, or authorizing the power. The attorney-in-fact is the person the principal is giving authorization to. A power of attorney can be set up for a specific period of time, and it can be canceled at any time. A power of attorney form can grant as many or as few powers as the principal deems fit; these include bank transactions, real property transfers, etc. A principal may also select more than one attorney-in-fact, and can also specify if they need to act together or can act independently. A power of attorney can be a useful form, even if you do not think you are ready to set up all of your estate planning, it can be a useful document simply if you are an avid traveler. You can contact Ken Wasche today to discuss more about setting up a power of attorney.