Choose a Trusted Individual to Handle Your Financial Affairs
A Power of Attorney is a legal document created to name an individual to handle your financial affairs while you are incapacitated or otherwise unable to do so yourself. Your Power of Attorney can provide broad and extensive powers to make decisions on your behalf, or it can be rather limited in scope. Some of the decisions made by your Power of Attorney include, but are not limited to:
- Filing of tax returns
- Buying and selling real estate property
- Managing property
- Handling bank transactions
- Entering safety deposit boxes
- Acquisition of life, health, and automobile insurance
- Settling claims
- Entering into contracts
- Managing stocks
- Operating businesses
- Transferring assets to a Revocable Living Trust
For a Power of Attorney to be valid, it must be signed while the person in question is of sound mind. In addition, it must be notarized to help avoid challenges in the future.
In order for your estate plan to be as effective as possible, having a properly designed and implemented Power of Attorney is every bit as important as having a properly designed and implemented Will. At The Tyra Law Firm, we will work closely with you to design your Power of Attorney. Contact our office to speak with an attorney about creating a durable Power of Attorney.
