What you need to know about estate planning: Power of attorney explained
Yvonne Michaud Novak is an estate planning expert. The attorney in Duluth sat down with WDIO to explain a few terms that we've heard, but maybe don't completely understand.The first one is the power of attorney. Maybe you've been asked to be one.Novak said, “The person is appointed to make legal and financial decisions for the person who's asked them to be the power of attorney. They can do banking, they can do insurance, they can do taxes, real property if it's legal or financial. Once they've been given that authority, it means that they can go into your bank account, they can sell your real estate. It's a pretty big deal.She explained that it's only in effect when the person who appointed you is alive.Also, you can have a…
