Powers Of Attorney
A power of attorney is a legal document, which affects two goals. The first is to name a person, and successors, who you trust to act as your agent. The second is to enumerate authorities to protect the interests of your person, and your finances. Those authorities should include areas such as: decisions regarding quality of life, maintenance and sale of real property, interactions with government authorities, defense or filing of legal claims, the filing of taxes, and help managing assets and wealth management – including business interests.
Do I need a power of attorney? The answer is, yes! A well-drafted power of attorney is frequently the most useful estate planning tool, addressing the care of a person, as well as management of one’s assets while they are on this earth.
While a person has the mental capacity to give agency, and understand the authorities within a power of attorney, he should execute a power of attorney. Should a person become mentally incapacitated without a power of attorney in place, the only recourse to help that person may be to petition the court for orders of guardianship and conservatorship.