Whether you are a senior with a high likelihood of being incapacitated due to health concerns or a strong, healthy young adult, a power of attorney is an incredibly important document to have in place. This important document ensures that your legal and financial affairs can be taken care of by somebody you trust should you ever become unavailable or unable to make these decisions on your own. At Sidhu & Associates Notary, we have plenty of experience helping people get their important notarized documents in order, and we can help you know what to consider when writing a power of attorney.
Important Questions for Writing a Power of Attorney
Whether you are writing your own power of attorney or having somebody with more legal experience write it for you, it is worth considering a couple of important questions when assembling your information. Some questions to keep in mind include:
Who should be given power of attorney?
It is important to choose somebody you trust to be named your power of attorney. Your attorney will have the ability to make important decisions about your finances and assets, so it is important to select somebody who is good with such responsibilities and will act in your best interest. Anybody over the age of 19 can be given power of attorney, but it is recommended to choose somebody with skill and experience with the type of finances that they would be handling on your behalf.
Can I give power of attorney to more than one individual?
More than one attorney can be appointed if you wish. The responsibilities can be shared or divided as you see fit. It is also worth having backups in case your power of attorney is unavailable.
What powers does my attorney have?
Your attorney is required to act in your best interest honestly, and they are also required to keep records on your behalf of any actions taken. Their abilities will depend on the powers given to them in your power of attorney document. It is possible to give somebody full power of attorney with no limits that offer them the same financial and legal rights that you would have, but it is also common to give limited power of attorney with specific roles.
When does power of attorney take effect?
Power of attorney can be given at any time and be effective within any time that you choose. If you are going out of town for an extended period, power of attorney can be given for a set time and end upon your return. It can also be set to take effect if a person becomes mentally incapable. Alternatively, power of attorney can be given on an ongoing basis so that you can always feel comfortable knowing somebody is able to care for your finances if you need them to.
If you would like to learn more about what to consider when writing a power of attorney, or to learn more about the notary services that we offer at Sidhu & Associates, please contact us and we can help you to get the information you need.