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General Power of Attorney (2021) - EXPLAINED
There are many things you should understand about power of attorney. First, execution of the power you bestowed does not mean you no longer have to make the decisions. Take note that the power of attorney just mandates your agent to act for you. For instance, if you are suddenly hospitalized even for a short period and you need to continue your important banking transactions, you need to get a power of attorney and appoint anyone you trust to do errands for you. Usually, this kind of power of attorney has an expiration. When the principal becomes incapacitated or is no longer able to provide authority for the continuation of the power of attorney, the document is no longer valid. Durable power of attorney Unlike the non-durable type, the durable power of attorney can continue even after the principal becomes incapacitated or becomes incompetent in making decisions. The person need not be personally present to attend to your errands all the time but at least he/she should be easily contacted through the phone. Does the person know about handling finances? You are entrusting your money and assets to the person. It is important that you appoint an agent who is well skilled and knowledgeable in handling and managing finances. If the principal is also a bit uncomfortable on assigning a lot of responsibilities on one agent, then h/she could get other co-agents. It could be done as long as the information or the limitation of the capabilities is specified in the power of attorney. Before specifying the name of the agent in the power of attorney, the principal should talk to the agents first and ask them if they are willing to be agents. An agent or attorney-in-fact who handles your health care differs from a successor in a living trust. The agent is allowed to manage your finances while you are still alive, while a successor gains control of your assets only after your death. Illnesses can happen to anyone at anytime, so it is important to have a medical or a health care power of attorney while it is still early rather than to let your family members become confused about making decisions regarding your medical and health care. A POA suits people who want to have the peace of mind knowing that someone they trust will act on their behalf regarding financial or health care matters when they are no longer able to do so. It is impossible to underestimate the importance of POA. This legal document comes in handy when you incur an injury or develop a life-threatening disease, both of which render you incapable of making decisions on your own.
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