To put it simply, this legal term is a medium for granting an individual the right to make medical, financial, and other decisions on your behalf. Easy to understand, isn t it? The authority to manage another person s affairs may begin immediately or only when the principal can no longer make decisions on his or her own. Specific issues would include bank transactions, debt collection, loan application, managing real estate property or businesses, making financial decisions and handling government financial or other concerns. Usually, this is given in a time when the principal is unavailable for a specific period of time like travel overseas, whether business or personal, and other commitments. After all, what other power do attorneys need than the legal ones, given to them when they became lawyers? What exactly is a power of attorney? Power of attorney does not refer to a power intrinsic to the lawyer or attorney. It is actually given to a person even if he or she is not a lawyer. Still, many of those who are given the power of attorney are lawyers, often family lawyers who are trusted to deal with a wide range of things. You may even opt to set a specific period for the authorization to take effect. Legal requirements A person must meet certain requirements according to the laws in your state. One of the requirements in most states is that an agent should be of sound mind to be able to make the right decisions when it comes to the finances, properties, or health of his or her principal. On the other hand, a living will indicates what a person wants to happen regarding his or her medical care when time comes life support is necessary. Medical powers of attorney are not only beneficial for elderly people who are suffering from serious diseases. Younger people who have had an accident or are suffering from a health problem that renders them unconscious can also use these powers of attorney. Is the person easily available? Appoint an agent or attorney-in-fact who is easily accessible or available. This is to make sure he/she would always be there in cases of emergency. The person need not be personally present to attend to your errands all the time but at least he/she should be easily contacted through the phone.