Usually, in the estate planning context, a Power of Attorney document appoints someone to act on your behalf with respect to the management of legal and financial matters when you are incapacitated. The power of attorney is the person to make legal and financial decisions for you when you cannot. The document spells out specifically the powers of that person.
However, it can be implemented for a specific purpose (meaning it ends when that purpose is fulfilled), for example, to enable someone to sign legal documents while you are out of the country.
When you’ve got an asset as important as a family farm, it’s critical to have someone who can step in for you if something were to happen. It protects everyone and can help avoid family discord in tough situations.
Mark Complete and continue to learn more about advanced estate planning