Creating a Financial Power of Attorney
Creating a Financial Power of Attorney
Creating a Financial Power of Attorney
What are the ways to place your money situation in order when time comes you are not able to do so? Arranging a power of attorney (POA) is one of your alternatives when considering managing your day to day financial affairs and transactions under certain circumstances like when you're undergoing medical remedy or abroad. It relates to a legal document that permits someone or a financial institution such as a bank to manage your money if you are capable or not of executing it on your own.
The next are the primary considerations that you require to think of when creating a financial power-of-attorney document:
1. The need for a POA
Do you think you need assistance with handling your financial affairs? There are certain instances in which powers of attorney are not needed. For example, if you are the owner of a big estate, you may be better off putting together a revocable living trust that offers great tax benefits and fits your needs. You may wish to consider having both a financial POA and a revocable living trust.
2. The individual who will become your attorney-in-fact or agent
Take time in selecting the right agent who you will trust to carry out your financial tasks with your best interest in mind. Here are some of the characteristics that you should consider when deciding 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 seek advice from them any pertinent worry about your POA
- Can commit to carry out his or her duties as a broker if you are unable to get on with your funds for a long while
Once you've chosen an agent, do not forget to discuss the tasks, including the financial duties involved.
3. The forms you will use for preparing the power-of-attorney document
Use the power-of-attorney forms available online as your model or starting position. Before you confer with a lawyer, it is best to watch several POA forms and understand fully the terms specified on them. That way, you can spot the various possibilities before you head over to a lawyer's workplace.
There are quite a few sources of POA forms online these days. You are able to download a form from the Internal Revenue Service (IRS). You may opt to search for a particular POA form for your state on some web sites that specialize in legal documents.
If you are about to finalize your POA document, you have to consult a lawyer first. You can ask the lawyer about the sort of authority that suits your requirements best as a principal.
4. The parties that will receive the power-of-attorney documents
Your power of attorney must be put in writing, signed by all parties involved (including the witnesses), and duly notarized. If the terms in the POA are associated to taxes, it has to be filed at the state government. If the terms are linked to your realty, your POA document must be filed at the office of the local county recorder.
http://www.articlesbase.com/law-articles/creating-a-financial-power-of-attorney-4487801.html
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