At its most basic, a power of attorney is a legal document that gives someone else the legal authority to act on your behalf. A POA is a fairly commonly used legal tool and when used correctly, a very effective legal tool. If you have an elderly loved one, be sure to educate yourself and your loved one about the proper use of a POA as well as the … [Read more...] about The Power of Attorney — Things You Need to Know to Protect Elderly Loved Ones
power of attorney
You may not want to focus on the possibility of your own incapacity, but you should take the time to do so. In the event that you do become incapacitated, either as a result of the natural process of aging or because of a sudden illness or accident, someone will need to manage your money. Will it be someone who you want managing your money? That … [Read more...] about If You Become Incapacitated, Who Will Manage Your Money?
Have you been named as an Attorney-in-fact on a family member’s Power of Attorney (POA)? Your responsibilities may vary depending on the size of the assets in question and on what powers your loved one had granted to you. Manage Business Affairs If your family member owns part or all of a business, you may be in charge of helping to run that … [Read more...] about What Are Your Duties as Attorney-in-Fact?