Tips for a Financial Power of Attorney
As you age or become incapacitated, making your own financial decisions can become increasingly more difficult. You should consider granting someone a financial power of attorney and here is some advice on doing so.
You Can Decide the Agent’s Power
The scope of the agent’s power of attorney is exactly what you say it is. You can give that agent as much or as little power as you want in the designation. You should make sure to give that agent enough authority where they are empowered to make financial decisions on your behalf. These powers can include filing and paying taxes, operating a business or managing your retirement account. The breadth of this authority is really open-ended, so you need to place limits on this power if that is what you intend.
Always Consult an Attorney First
There may be many different legal ramifications when you grant someone a durable power of attorney. It is best to know the impacts before you sign the agreement since the agency is effective as soon as it is signed. Make sure that you seek the advice of a trust administration lawyer Las Vegas can offer to both figure out the scope of the power as well as to talk through the impacts that this power could have on your estate planning. With the help of an attorney, filling out and preparing these documents take little time.
The Power of Attorney Should Be Durable
You do not want to have any questions about whether a power of attorney is in effect. The grant should be effective the moment that it is signed and end when you have passed away. This way, the agent’s authority to make decisions cannot be questioned on this ground. As you age, you should consider granting this type of power of attorney even if you are not completely incapacitated because a durable power of attorney can relieve you from tasks like opening and paying bills and depositing checks.