Important Considerations When Creating a Financial Power of Attorney
What are the ways to put your finances in order when time comes you are unable to do so? Setting up a power of attorney (POA) is one of your options when it comes to managing your daily financial affairs and transactions under certain circumstances such as when you are undergoing medical treatment or out of the country. It refers to a legal document that allows an individual or a financial institution such as a bank to manage your finances whether you are capable or not of doing it on your own.
Frequently Asked Questions about Power of Attorney
If you are considering getting a power of attorney, you should fully understand what it is all about. In general, it is a legal requirement that you be in a competent and normal state of mind when getting a power or attorney or appointing a person to be your attorney-in-fact. However, it could be very hard to prove that you are not well when you do so. It would be safe to get that document even if you are in the pink of health or even if you do not foresee any event that would make you unable to handle your affairs.
Why Do You Need to Prepare a Power of Attorney?
A power of attorney (POA) is a very essential legal document. However, before you can fully understand its importance, it is best to know its purpose first. In general, the goal for creating a POA is to protect your interests and manage your estates when you have reached a point when you can no longer do them on your own.