So what happens when we suddenly figure in an accident? Who will be at hand to take care of our business dealings and other personal issues? Can power of attorney fix things? The lack of an appointed person to take care of the legal matters when one is dying often becomes a problem because no one anticipates this happening. Aside from that, the attorney-in-fact would have to keep sufficient and detailed records since the principal should have a copy of transactions made in h/her behalf. There are situations when the attorney-in-fact could be challenged. The principal should be prepared in case the power of attorney is confronted. After all, what other power do attorneys need than the legal ones, given to them when they became lawyers? What exactly is a power of attorney? Power of attorney does not refer to a power intrinsic to the lawyer or attorney. It is actually given to a person even if he or she is not a lawyer. Still, many of those who are given the power of attorney are lawyers, often family lawyers who are trusted to deal with a wide range of things. For example, the agent can have access to the safety deposit box of the principal and transfer sales or investments, among other powers. Entrusting all your assets and personal affairs as a principal is like entrusting your life to your attorney-in-fact. Your agent s decisions regarding your estate will have a direct impact on you, considering the broad freedom granted by general powers of attorney. Your agent or attorney-in-fact could be of any profession, not necessarily a lawyer. There are many things you should understand about power of attorney. First, execution of the power you bestowed does not mean you no longer have to make the decisions. Take note that the power of attorney just mandates your agent to act for you. In a situation when the principal could not handle a transaction, then this type may be more suitable. Usually, this kind of power of attorney has an expiration. When the principal becomes incapacitated or is no longer able to provide authority for the continuation of the power of attorney, the document is no longer valid.