Power of Attorney. Why do I need that? A power of attorney is a legal document that gives another person (referred to as the agen or attorney-in-fact) the authority to make specific legal decisions for the person who signed it (the principal). The document can be broad and cover all decisions, or it might be quite specific about what kinds of decisions can be made. Why do I need it for my loved one? Having a power of attorney for your loved allows you to keep things running smoothly. Here are some of the typical things that the agent is able to do: 1. Pay bills, mortgage payments, utilities 2. Handle banking. 3. File and sign tax returns 4. Handle property issues 5. Maintain a home or business 6. Many other issues that may need to be done while the principal is unable to handle things There are three principal types of power of attorney. Durable, Nondurable and Sringing power of attorney. The most common is durable. The durable power of attorney continues even after the person who signed it is no longer mentally able to make their own decisions. It stays in effect until death or until the person who signed it decides to revoke it. Please consult your attorney or accountant to determine which is best to use.
Posted on: Fri, 09 Aug 2013 15:56:13 +0000
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