Wednesday, April 10, 2013
Power Of Attorney And It's Advantages
The Power of Attorney for Property document allows a person, called the principal, to delegate to another person, called the agent (often a family member or trusted friend, the power to make decisions regarding assets, finances, bank accounts, and other types of property, including real estate.
The agent, who does not need to be an attorney, will speak for the principal and make decisions according to the principal’s wishes even when the principal is physically or mentally incapacitated.
What are the advantages of having a Power of Attorney for
A Power of Attorney for Property is a way for you to decide in advance who will handle your financial affairs if you are not able to act on your own in the future.
Executing this document will save your family from the burden of having to make financial decisions without knowing your wishes. It gives you (rather than the courts) more control over your life.
A Power of Attorney for Property is a flexible document. It helps assure that your agent’s authority will be honored by others at the time any delegated power is exercised. You can give either limited or broad financial decision-making authority to your agent, depending upon your needs. For example, you may want your agent to
have the power to authorize real estate and stock transactions; to handle banking, tax or other types of business matters; to represent you in court; or to address other types of legal claims.
Who may execute a Power of Attorney for Property?
Any person with the legal capacity to make his or her own decisions who is age of 18 may execute a Power of Attorney for Property. The
Power of Attorney for Property document must be signed by you and your signature must be both witnessed and notarized.
Who may be designated as an agent under a Power of Attorney
Any person age 18 or older may be designated as your agent. He or she should be someone you know well and can fully trust with handling your financial affairs. It is a good idea to pick someone who lives in a nearby area.
What is the responsibility of an agent under a Power of Attorney
An agent must use due care and act in accordance with the terms that you have specified in your Power of Attorney for Property document. He or she may be liable for any negligent exercise of the duties that you have specified.
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