Designating someone as your durable power of attorney is a big deal and comes with a lot of responsibility. Therefore, it is essential that you, as the principal, know and understand exactly what powers you are giving to your designated agent.
When you designate an agent as your power of attorney, you nominate them to conduct business on your behalf.
Their designation will allow them to:
- Access your financial accounts and make transactions to pay your expenses and keep your bills up to date
- File taxes on your behalf
- Make investment decisions for you
- Collect debts on your behalf
- Make real estate transactions on your behalf
- Manage your property
- Apply for public benefits and assistance for you
With the magnitude of the responsibility bestowed upon your agent, careful consideration should be given to your chosen delegate. They will hold much transactional power if you are deemed unable or incapable of handling your affairs.
Consult us today if you need to designate a power of attorney or if you need to make changes to an existing power of attorney.
We specialize in educating and helping you protect what you have for the people you love the most. Contact us to learn more about how we can help.