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Why you should choose your power of attorney today

 

That is a crucial decision you need to address when selecting the right attorney-in-fact. You may opt for several limited powers of attorney if you are not comfortable with the idea of giving your agent full control over your assets and personal matters. Limited powers of attorney assign particular tasks to an attorney-in-fact. Durable power of attorney could cover health and care decisions, like discontinuing life support or surgery. It could also include financial matters unless specified by the document and the principal. Springing power of attorney The springing power of attorney would spring in a specific event which is specified by the power of attorney. You don t have to go to your business meeting in say Uganda to sign documents. You can just send a representative with the power of attorney and that person can sign the contract for you. 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. Here are some of the characteristics that you should consider when selecting your financial agent: Financial savvy Trustworthy and comfortable to work with Can devote enough time to perform the required financial responsibilities Accessible and lives near your residence so that you can easily discuss with him or her any pertinent concern about your POA Can commit to carry out his or her duties as an agent if you are unable to handle your finances for a long time Once you have chosen an agent, don t forget to discuss the tasks, including the financial duties involved. The lack of an appointed person to take care of the legal matters when one is dying often becomes a problem because no one anticipates this happening. And who can blame them? Nobody would want to go morbid and prepare for something like dying from an illness. Death is easier because the will (as in the last will and testament) will take care of the legal matters post-mortem but dying is another thing altogether. You should not appoint just about anyone. Before you choose an agent of an attorney-in-fact for your special power of attorney, it would be best to ask yourself the following questions first. Do you trust the person? The best thing you should establish is trust on the person you are appointing as an agent. 

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