ACTEC Fellow Bernard A. Krooks offers a brief overview of essential considerations when appointing a Power of Attorney.

1. Family Estate
Planning Guide

2. Understanding
Power of Attorney
with
Bernard Krooks
J.D., CPA, LLM (in taxation)

3. The American College of Trust and Estate Counsel ✦ http://actec.org
Power of Attorney
is the single most
important estate
document you
can sign.

4. The American College of Trust and Estate Counsel ✦ http://actec.org
Who would you want to make financial
decisions for you if you were incapacitated
and unable to make them yourself?

5. The American College of Trust and Estate Counsel ✦ http://actec.org
Without a Power of Attorney, the court, instead
of family or trusted friend, will decide on your
behalf if you are incapacitated. A Legal Guardian
or Conservator will be appointed to represent you.

6. The American College of Trust and Estate Counsel ✦ http://actec.org
According to the National
Association of Unclaimed
Property Administrators, state
treasurers currently hold $32.9
billion in unclaimed bank
accounts and other assets.
The Wall Street Journal, The 25 Documents You Need Before You Die

7. The American College of Trust and Estate Counsel ✦ http://actec.org
Power of Attorney Participants
You are the Principal
The person you appoint
is the Agent

8. The American College of Trust and Estate Counsel ✦ http://actec.org
Who can be a Power
of Attorney (POA)?
• Can be more than 1 person
• Family member(s)
• Trusted friend

9. The American College of Trust and Estate Counsel ✦ http://actec.org
You can only create a POA if you
have the capacity to do so,
meaning you fully understand.
It is revocable, meaning you can
change it, unless you no longer
have capacity.

10. The American College of Trust and Estate Counsel ✦ http://actec.org
A Power of Attorney (POA)
is a complex legal document,
not something to download
off the Internet. Seek
professional counsel.

11. The American College of Trust and Estate Counsel ✦ http://actec.org
Different Types of
Power of Attorney
Immediate
Power of Attorney
Agent can manage your
affairs right away.

12. The American College of Trust and Estate Counsel ✦ http://actec.org
Different Types of
Power of Attorney
Springing
Power of Attorney
Goes into effect when you
become incapacitated.
(determining capacity may be
difficult to determine)

13. The American College of Trust and Estate Counsel ✦ http://actec.org
Different Types of
Power of Attorney
Durable
Power of Attorney
The POA survives your
incapacity.

14. The American College of Trust and Estate Counsel ✦ http://actec.org
Final Thoughts
• You must have
capacity to execute
• Make sure the POA
is durable

15. The American College of Trust and Estate Counsel ✦ http://actec.org
Please watch
Bernard Krooks
short video to hear
an explanation of
Power of Attorney
from a professional.
Family Estate Planning
Guide Video

16. Family Estate
Planning Guide
Please visit
actec.org/videos/family-estate-planning-guide
to see additional estate planning videos.