A power of attorney can be very useful if you are going to be unavailable to handle business matters for some time, for example, if you are going on an extended vacation.
You can authorize an agent to perform the following actions:
Pay your bills
Indorse and draw promissory notes
Receive sums of money and debts pertaining to your real estate or other business
Cash and deposit checks for you
With all the power your agent can wield over your finances, it is important only to choose someone you know and absolutely trust to act as your agent. Agents have a duty to act honestly and not to exceed their authority, or else they can be convicted of a crime and face civil lawsuits. Agents should also maintain precise, accurate records of their transactions so the principal and others know the agent is acting rightfully.
Signing Requirements – The principal is required to sign in the presence of a notary public or before witnesses. ((IC 30-5-4-1(a)(4))