Monday, June 30, 2014

Power of Attorney Part 5: What if I want to change my POA?

Many people are satisfied after establishing their Power of Attorney. However, things can change and you may lose trust in your Agent, or your Agent may move away. 

Monday, June 23, 2014

Power of Attorney Part 4: What if I don’t have a Power of Attorney, and am injured/fall ill?

Having a Power of Attorney (“POA”) is essential for being prepared for possible accidents in the future

As an example, say a person over the age of 18 gets into an accident and is incapacitated as a result, and now needs someone to act on his or her behalf. However, they did not set up a POA prior to the accident, so that no one has this legal authority.

Monday, June 16, 2014

Power of Attorney Part 3: Who needs a Power of Attorney?

A Power of Attorney (POA) is vital for any adult. In fact, adult children who are 18 years of age or older should have a POA. Even if the parent of an adult child pays for school and medical bills, personnel from these institutions are not allowed to speak to the parent; only the child

Monday, June 9, 2014

Power of Attorney Part 2: A closer look at the Agent’s duties under a Power of Attorney

We discussed the basic definition of a Power of Attorney (POA) in Part 1 of our series on POAs. Now let’s take a closer look at the powers granted to the Agent by a POA, and what responsibilities accompany them. 

Monday, June 2, 2014

Power of Attorney Part 1: What is a Power of Attorney?

A Power of Attorney (POA) is a legal document that lets another person (the “Agent”) make financial, health, and living arrangements for you (the “Principal”). This other person should be an individual whom you trust (such as a spouse or adult child), as they will able to act on your behalf. Some of their duties might include signing your name on documents, paying your bills, and caring for your children, among other things. 
A POA can either be effective immediately, or can become effective only in the event that you are incapacitated by an accident, illness, or other situation. The Agent can do whatever is necessary in order to protect the Principal, and should act with the Principal's best interests in mind.

In order to be prepared for whatever may come in the future, it is important to complete your POA as soon as possible. This will ensure that your finances, health, and family are protected even if you become incapacitated.

Click here for Part 2 of our Power of Attorney series.