Assigning A Power Of Attorney: Focus On Some Important Facts!

We have often come across the term “power of attorney” and not everyone has clear idea about what it deals with. Well, basically is the compulsory and sometimes a convenient reason to let someone else act instead of you.  When you are away or incapacitated, you allow someone else to manage your personal and business responsibilities.

Assigning the power of attorney comes with the involvement of attorneys, details intrusion of laws pertaining to this, and signed by witnesses and finally notarized.  The agent who would act on your behalf should be someone you trust.

You can either use the ready-made power of attorney form, and fill in the black spaces to state all the required details, and also get it tailored from lawyers according to your individual needs and specifications. When you are dealing with a form, you should seek the assistance and advice of your lawyer to understand few complicated matters. 

What do power of attorneys do?

The agent to whom you have rested the power of attorney on gets the legal power and freedom to handle and manage all your monetary dealings and other financial responsibilities. Here are some of the responsibilities that he will undertake.

• Managing the finances

The most important that your POA agent would play is to manage the finances on your behalf, from handling the ongoing expenses and investments, to filing tax, and recording the detailed monetary happenings.

• Acting with the third parties while you are away

Be it the credit card companies or banks, and other organisations and individuals, the agent of POA makes sure to act on your behalf while you are away and represent you legally.

• The importance of lawyers to deal with power of attorney form

The complicated form of POA is signed and dealt with only after consulting with your lawyer, and seeking his professional advice.