There are several different types of Powers of Attorney. The most common Power of Attorney is a general financial power of attorney. This power of attorney allows a person that you appoint to access your financial records and conduct business on your behalf. Often times, elderly people will execute a power of attorney in favor of a trusted loved one to help them with financial transaction because the are unable to go to the bank or conduct other business. Also, military personnel will execute a power of attorney in favor of their spouse so the spouse can conduct business while they are on deployment.
The power of attorney can be as broad or as limited as you choose. Most power of attorneys give the holder of the power the right to access bank accounts, draft checks, withdraw money, discuss account information with creditors, discuss information with the IRS, and more. Other times, the power of attorney can be limited to just one transaction, one account or for a limited period of time.
All powers of attorney becomes void when the person granting the power dies. After the grantor of the power dies, the courts looks at the Last Will and Testament to see who controls the estate. Usually, the person granting the power will name the same person in the power of attorney as the Executor of the estate in the Last Will.