Powers of Attorney
A Property Power of Attorney will allow you, through an agent that you appoint, to maintain managerial control over your estate even if you become unable to make informed decisions for yourself. If you become incapacitated and do not have a Property Power of Attorney, a court might appoint an agent to act in your behalf, and that agent may not be someone that you would want managing your affairs.
A Property Power of Attorney designates a person of your choosing (your agent or attorney-in-fact) and allows that person to make financial decisions and sign documents on your behalf. A Property Power of Attorney can be created to take effect at any time.
In your Property Power of Attorney, you should specify the powers and responsibilities of the agent. These may include any of the following:
- operating your business
- paying bills
- endorsing checks
- filing tax returns
- managing real estate
- buying and selling stocks, bonds, and other commodities
- managing insurance accounts
- managing government benefits (such as Social Security and Medicare/Medicaid)
- managing retirement accounts
Perhaps most importantly, your agent may be given the power to transfer your property into a Living Trust The Property Power of Attorney can also empower your agent to represent you in court (or to hire someone to represent you).
Remember that the powers of your agent are solely up to you to determine. The Property Power of Attorney can be very broad and cover any possible transactions, or it can be limited only to a few particular situations. For example, you can authorize your agent only to deposit checks into your bank account and to pay your bills.
Click here for some important cautions about creating a Property Power of Attorney.
Property Powers of attorney come standard in the estate planning packages we create for our clients..Please contact us if you’d like to learn more about what we can do for you.