It can be difficult to comprehend that there may come a time when we are unable to make important decisions regarding our future health and welfare, which may require some changes depending on a situation arising – But where does A Power of Attorney come in to the equation?
The legal document of A Power of Attorney allows another person to act for you, in a situation in the future where you perhaps are unable to carry out. Appointing a trusted individual or individuals to make important decisions which may affect you on your behalf.
If you were unable to handle your own affairs as a result of illness, accident, or even absence, the Power of Attorney gives your agent the power to handle your affairs as you would handle them yourself – this becomes a massive help to you and your family in what could be an upsetting or stressful period for all in involved.
If a Power of Attorney is not appointed for whatever reason, your significant other or family may have to contact the Probate Court for a petition to appoint a COE (Conservator of the Estate). However, a common way of organising your estate is to avoid the expense of probate courts and name their own trusted agent and signing a Power of Attorney.
Effectively, this is known as a legal relationship, you’re the principal and the person you appoint becomes the agent in this process. The Power of Attorney can become effective as soon as you sign the document and have two witnesses notarize this. However, you can give the Power of Attorney the instruction not to use it unless you are unconscious or unable to for yourself – Ultimately, The amount of control an agent is granted can be limited or broad based upon your decision.
When you give someone you trust the Power of Attorney, you should go over his or her’s duties in full. This doesn’t mean you will no longer have the rights to control your prized assets. Nevertheless, your agent will have access to your money – but is not allowed to take or use your money without permission – these thoughts you should take into consideration before signing on the dotted line.
At Will Protect, we can help with the forward thinking approach and give advice towards your chosen services, which will in turn become a huge benefit to your family in the future. We will manage your estate, using our experience in the financial sector to mitigate inheritance tax and make sure your money ends up with your loved ones instead of in the hands of the Government.
You can contact us by whichever means suits you best, you can call us on 0345 894 8441 or alternatively you can email us via firstname.lastname@example.org