Appointing a Power of Attorney
When putting together an estate plan, it's important to understand the importance of assigning a power of attorney. It allows you to appoint someone to act as your agent to carry out actions on your behalf. Contrary to how it sounds, this agent need not be your attorney. In fact, most often it is a trusted family member, friend, or colleague who you trust and are comfortable with to step in and handle your financial matters and other affairs if ever needed.
Springing Power of Attorney vs. Durable Power of Attorney
A springing power of attorney "springs" into action after a set of circumstances you designate occurs. This gives you the discretion to determine the specific time scenario when a power of attorney would be assigned. However, a durable power of attorney is effective immediately and does not require a proof of incapacity or proof of circumstances satisfied.
Power of Attorney Authority
When assigning power of attorney, you may authorize your selected agent to handle any or all of the following types of transactions on your behalf:
- Banking
- Accessing the contents of a safety deposit box
- Filing tax returns
- Buy/Sell real estate or other property
- Claiming government benefits
- Entering into contracts
- Making business owner/shareholder decisions
- Purchase Life Insurance or File a Claim
- Settling legal disputes
- Making gifts or charitable donations
- Managing and transferring assets
Special powers of attorney allowing your agent to act in a specific scenario or transaction may also be permissible.
Contact Us Today For Your Free Consultation
Please call 925-338-9882 to set up your free initial consultation with a Dublin estate administration attorney. You can also send us a message using the online form. If you cannot meet during regular business hours, we are happy to arrange after-hours or weekend appointments by special request. For your convenience, our firm accepts all major credit cards, and we can arrange payment plans when needed.