Connect with us

News

Why Do You Need Power Of Attorney? Here Are Some Reasons!

Published

on

Power Of Attorney
google news

A power of attorney is a living will that authorizes trusted persons to handle the property or make the decisions related to healthcare of those who become incapacitated during the lifetime. Two types of power of attorneys are:

  • Power of attorney for property
  • Power of attorney for healthcare

You can give POA with the help of forms. For instance, using the Washington power of attorney form, you can provide POA to your trusted person.

What Is Continuing Power Of Attorney?

When the person becomes incapacitated or has any illness or any other medical problem, a continuing POA for property allows the authorized person to manage the finances. It includes the property and the bank account as well. In a continuing POA, one does not need to be fully incapacitated for a power of attorney to come into effect. It can be used where one has still the capacity but due to illness, he needs help to look after his affairs.

An attorney for the property will be given powers to deal with various aspects of one’s financial affairs. It includes access to the bank accounts, dealing with investments, filing taxes, claiming the benefits and also settling any liabilities and even selling the property.

Situation If Don’t Have POA for Property

In case there is no power of attorney for the property, your family members will not be able to gain access to the bank accounts. They will not be able to manage the assets of the principal if they hold an account solely in their name.

Details That You Have To Provide

You will have to give the details of the kind of attorney that you want to create. An ordinary POA is valid until you are incapacitated. The durable POA is valid even if you are incapacitated. If you’re going to generate power of attorney DC, then you need to arrange the form that is applicable in that state.

Springing power of attorney helps you to decide when your power of attorney comes into effect. If you don’t choose it will come into effect when you are going to sign it.

To create a power of attorney, you need to provide the personal and the address details. Then you will have to give the complete details of the agent who is going to act on your behalf. Full details including the name and the address will have to be provided in the form. You can also designate an alternate agent. He is the person who can act for you when the primary agent is unable to not willing to work on your behalf.

You will have grant your agent general authority to act for you in all the areas. Only then he can do any act or thing that you could do if you were present personally.

You will have mention the powers that you want to give to the agents. As mentioned earlier, you can provide him with powers to handle the finances and other areas.

Give the details of the restrictions, and agent compensation and also describe the other agent issues. You can also specify when a power of attorney will come to an end.

The POA will have to be finally signed by you. You can decide whether you want to sign the document in front of the notary public or not.

Finally,

Power of attorney is must if you find in the challenging situation that incapacitated you. For senior citizens, it is an absolute must. However, you need to provide all the details clearly in the Washington power of attorney form to make it effective.

google news
Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Trending