A power of attorney may seem like a simple document, but there are several important decisions that need to be made when creating one. From whom to appoint to what powers to grant, care and consideration should be put into each choice.

A power of attorney is one of the most important estate planning documents you can have. It allows a person you appoint -- your "attorney-in-fact" or agent -- to act in your place for financial or other purposes when and if you ever become incapacitated or if you can't act on your own behalf. It can permit the agent to pay your bills, make investment decisions, take planning steps, and take care of your family when you can't do so yourself.  In theory, all the power of attorney should need to say is the following:

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It's graduation time, which means your "baby" is all grown up and preparing to head out into the real world.

But before your son or daughter packs up for summer vacation or even their first semester of college, I want you to think about what it means having a child who is an "adult" in the eyes of the law.

From a legal standpoint, I can tell you that it means you'll now need written permission to make important medical or financial decisions on his or her behalf.