3.5.  Powers of Attorney

A power of attorney is the authorization by one party (the “grantor” or “principal”) to another (the “agent” or “attorney-in-fact”) to make legally binding decisions on the grantor/principal’s behalf. The agent has a fiduciary duty to the grantor.

If the grantor/principal is incompetent or incapacitated, he cannot grant power of attorney. In such cases, a power of attorney can only be granted by a court.

Without power of attorney, even spouses cannot make financial decisions for each other when one becomes incapacitated. If a spouse becomes incapacitated, without power of attorney the competent spouse cannot do anything with the incom