When you require someone else to speak for you financially and legally, you can do so through a POA.
Everything to Know When It’s Time to Denote a POA
A power of attorney is someone who can speak for you regarding financial and legal matters. If you believe that you would require a POA in the future, it’s important that you denote a POA ahead of time. While the POA process isn’t exactly complicated, naming a power of attorney can significantly affect your life, which is why you must weigh all of your options.
When You Should Denote a POA
In many cases, a power of attorney is denoted to sign a document or make some kind of financial transaction when the grantor is unable to. If you ever become incompetent or incapacitated, it’s essential that you have already named a POA. If this isn’t the case, it will be impossible for anyone to handle your legal or financial affairs. With a POA on hand, these issues are mitigated. In fact, your POA will be able to begin handling your legal or financial affairs immediately when the need arises. The individual you choose to act as your POA will have the means to:
• Manage your insurance
• Pay your bills
• Manage any active investments that you have
• Fill out and file any tax returns
• Handle various banking transactions
• Manage your real estate, including selling your home
Power of Attorney Types
There are three basic types of power of attorney, which include a durable power of attorney, a non-durable power of attorney, and a springing power of attorney. A durable power of attorney automatically goes into effect when the document is signed and will only expire in the event of your death. A non-durable power of attorney will go into effect when you sign but will expire if you become mentally incompetent. As for a springing power of attorney, this document goes into effect when a certain condition, event, or date has been reached. It expires when you die.
Costs Associated With Naming a POA
A POA can be filed online or through a lawyer. If you decide to file online, the costs can range anywhere from $10-$50. The costs may be somewhat higher if you decide to file a POA with a probate attorney in Las Vegas.
