A power of attorney can be used to grant any, or all, of the following legal powers to an agent: Manage your property with power of attorney. Buy, sell, maintain, pay taxes on and mortgage real estate. Make legal claims and conduct litigation. Conduct your banking transactions. Invest, or not invest, your money in stocks, bonds, and mutual funds. Attend to tax and retirement matters. Make gifts on your behalf. Use your assets to pay your everyday expenses and those of your family. Buy and sell insurance policies and annuities for you. Claim property you inherit or are otherwise entitled to. Collect benefits from Social Security, Medicare or other government programs or civil or military service. Operate your small business.