By Kris Miller
Almost everyday life brings you things that you need in order for you to enjoy a happy and meaningful living. But what if there are some instances that happens and for some reasons you lose your ability to think to make the right decisions for yourself. What will you do?
Well, if you become incapable to decide for yourself, you probably need a “Power of Attorney”. And what does a power of attorney means? It is a power of authority under seal, an instrument in legal writing appointing or authorizing one to act as the agent or attorney in fact of the person granting it for some specified limited purpose.
When you make or create and sign a power of attorney you are giving another person the legal capacity to act or do something on your behalf. And that person is called your “agent” or what you called your “attorney in act” and that person does not have to be a lawyer. The agent can be a member of your family, a close relative or a friend whom you can trust and can act with diligence and who has no conflict of interest to everything you want for them to manage for you.
And what are the things that an agent can do on your behalf? These are managing your financial transactions, to buy or sell your properties, to handle your retirement benefits, to file and pay your taxes, to invest your money in banks, stocks and bonds, to buy and sell your insurance policies and to manage your other personal needs.
A power of attorney maybe in the form of a financial and medical authority. A Financial Power of Attorney can be file to ask the court for authority to manage or handle your financial transactions. And a Medical Power of Attorney can be file to ask the court for authority to make medical decisions if you are medically incapacitated.
A Financial Power of Attorney form should be filled up by the person granting the authority, sign it and file it at your local court clerk’s office. Let it be stamped sealed and keep the original copy safe for future financial transactions. You can also make in writing that unless you become fully incapacitated you can still keep control over the affairs of your transactions.
Last thing to consider, your financial power of attorney ends its validity when you died. It means that your agent or attorney in fact has no more authority to handle the things on your behalf. But if you want your agent to be your executor you must state it in your last will and testament if you have one.
Now that you have all the ideas and information you will now be able to think if it is really necessary that you need a financial power of attorney when the time comes you are in a situation mentioned above.
About Kris Miller
For the past 20 years, my clients have relied on Kris Miller as a PREtirement and living trust expert. Kris has become known as The Money Maestro. Credentials for Kris Miller: ChFEBS, CSA, LDA Certified Senior Advisor and Estate Planning Specialist for more than 20 years Charted Federal Employee Benefit Specialist Licensed Legal Document Assistant (Paralegal in California) Licensed to offer life insurance and long-term care insurance (State of California and Tennessee) Owner of Trusts Unlimited and The Living Trust Institute, a legal and financial document preparation service Member, Society of Senior Advisors Member, National Speakers Association Experienced speaker offering keynotes, seminars, and workshops on retirement and estate planning throughout the United States Nominated as 2010 Woman of the Year and best Customer Service by the Hemet, California, Chamber of Commerce Nominee and winner in three categories in the National American Country Music Awards and Inspirational Country Music Awards for songwriting (2008, 2009, 2010) Nominated Inspirational Music’s Songwriter of the Year