It may be important to choose an agent or an attorney-in-fact that has experience or level of expertise in finances or in legal matters. Organization and documentation skills. The principal may need the attorney-in-fact to track and properly document the different transactions made whether it is for personal, business or government purposes. As the term implies, limited powers of attorney grant limited and specific control of an attorney-in-fact over the estate of the principal. With such type of power of attorney, a principal can prepare for certain situations without giving full authority to his or her agent. There are various types of limited powers of attorney. Also, younger people are relatively healthier than their older counterparts, so you can be sure that they can handle your assets without much hassle. The person who can do the duties Typically, elderly people appoint their eldest child as their agent. But how can you be so sure that your child will be able to perform all the responsibilities? It would help to have a video document stating with the principal stating the power of attorney or have several witnesses present to testify that the principal is mentally and psychologically competent when the document was signed. The power of attorney s termination is stated in the document. In addition to that, it could also end upon the death of the principal or when the principal, given that h/she is still competent, decided to destroy the document. It refers to a legal document that allows an individual or a financial institution such as a bank to manage your finances whether you are capable or not of doing it on your own. The following are the essential considerations that you need to think about when creating a financial power-of-attorney document: 1. The effectivity of this document ends when the principal dies or becomes mentally disabled. Because of its seemingly unlimited nature, the general power must be considered thoroughly before it is given to another person. It is advised that this type of power be used sparingly because it is prone to abuse and misuse of power by the agent.