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Getting paid? The power of attorney or state law may say that you can be paid for acting as agent. If you will be paid, be sure you charge a reasonable fee. It is up to you to keep detailed records as you go along of what work you did, how much time it took, when you did it, and why you did it.

A Power of Attorney (POA) is an incredibly important piece of your Estate Planning efforts. Your POA allows you to appoint another person, known as an agent, to act in your place. An agent can step in to make financial, medical or other major life decisions should you become incapacitated and no longer able to do so.

If the power of attorney allows it, you may also use the principal's money to reimburse yourself for reasonable and necessary out-of-pocket expenses incurred while acting as agent for the principal's benefit.

A consumer could probably expect to pay a lawyer less than $200 for a POA in most cities. Many also offer reasonably priced estate planning packages that include a financial power of attorney, a medical power of attorney, a living will and a last will and testament.

Although third parties do sometimes refuse to honor an Agent's authority under a POA agreement, in most cases that refusal is not legal.In that case, the law allows you to collect attorney's fees if the third party unreasonably refused to accept the POA.

If the agent is acting improperly, family members can file a petition in court challenging the agent. If the court finds the agent is not acting in the principal's best interest, the court can revoke the power of attorney and appoint a guardian. The power of attorney ends at death.

About the Power of Attorney.A Power of Attorney might be used to allow another person to sign a contract for the Principal. It can be used to give another person the authority to make health care decisions, do financial transactions, or sign legal documents that the Principal cannot do for one reason or another.