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What is A Power of Attorney for Property
But for all its benefits, the power of attorney can also be a bane when not done the right way and when put into the wrong hands. What is a power of attorney? Before we can discuss the advantages and disadvantages of using a power of attorney, you must first understand that exactly is the concept. Power of attorney is a document that gives people the authority to act on another person s behalf for a specific period and matter depending on what is stated on the paper. It would be safe to get that document even if you are in the pink of health or even if you do not foresee any event that would make you unable to handle your affairs. There are several frequently asked questions about this subject. It would be wise to be more familiar about power of attorney to fully understand how it could be of best use for you. The right choice depends on your needs and preferences when it comes to managing your affairs. General powers of attorney provide more authority to an attorney-in-fact than the limited type. Because the control granted to an agent is limitless, the general type has a wider scope than the other one. This means that the agent enjoys the same amount of privileges and access to the assets of the principal. Legal assistance or help from a lawyer is very important to make sure that necessary steps are performed to avoid the document being challenged. The power is granted to an attorney-in-fact or agent that would have the authority to decide on different matters. The person who is granting the authority would, of course, identify the scope of the mandate. This agent is allowed to handle all the principal s finances except the assets owned by the revocable living trust. Examples of assets outside the living trust include pension plans, annuities, and IRAs (individual retirement accounts). These assets are managed by the attorney-in-fact designated by the principal who owns the assets. How could you make sure your agent would be using the authority well? First, you should appoint a person who you have already proven to be trustworthy and reliable. He/She should be highly ethical so as not to defraud you or steal money from you. Second, that person should have the ability to prudently and effectively manage finances.
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