A Power of Attorney (“POA”) for Property is a form that gives some other person (an “agent”) the right to handle your money and make financial decisions for you. It is a good way to make sure that someone you trust will handle your property for you if you become incapacitated.
The POA can be written to limit your agents powers or to give them unlimited powers, including, but not limited to:
- Make real estate or personal property transactions
- Control bank (or other financial institution) transactions or accounts
- Contribute to, or withdraw from, retirement plans
- Deal with insurance or annuity policies
- Handle tax matters
- Buy and sell stocks and securities
- Open and control safe deposit boxes
- Bring, defend or settle claims or lawsuits
- Conduct business operations
- Borrow money and mortgage property
- Manage Social Security, unemployment, and military benefits.
Your POA can also be written so that your agent cannot exercise any power until a triggering event happens (e.g. when you become incapacitated).
Your agent is not legally required to use the powers that you give in the POA. In other words, the agent that you appoint can decline the powers you give to them. But, if the agent chooses to use those powers, he or she is required to act in your best interest and according to the terms of your POA.
Only one person can be your agent at one time. However, you can name successor agents so that the powers granted in your POA will go to the second agent if the first agent cannot or will not act for you, and so on.
A POA will remain in effect until your death, unless you specify a different termination date in your POA. You also have the right to change your POA at any time. But, you must make any change in writing.
To speak with one of our attorneys about preparing a power of attorney for property, or to address your estate planning needs, call us at (630) 560-1123 or visit our website at https://www.dgllc.net
We are here to help.
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