Why You Need an Enduring Power of Attorney - POA Form
An enduring power of attorney is required when a person becomes mentally unfit to handle financial or real estate matters. Enduring power of attorneys do not cover medical decisions. Those living in the United States generally do not hear of enduring power of attorney forms. Enduring power of attorneys are more common in British ruled countries like Ireland and England and some other countries like Australia and New Zealand.
Understanding the Information Required to Designate Enduring Power of Attorneys
When choosing the person you select to act as your enduring power of attorney, remember they must be of legal age. Usually, this means at least 18 years of age. Choose someone you trust completely like a spouse, parent or best friend.
You'll type up a statement listing your name and address, your selected attorney’s name and address and then the rules you wish for them to abide if you become incapacitated due to accident, illness or mental breakdown. State restrictions in this area such as:
· If the person you have chosen becomes bankrupt, you probably should not let him retain access to your finances.
· Something like a move across country should eliminate your chosen attorney in fact from the position of managing your real estate holdings and bank accounts.
Also, list a secondary choice. If your first choice dies unexpectedly or faces a life-changing event, a second choice needs to be able to step in. List this person in your enduring power of attorney form.
Consequences of Failing to Designate an Enduring Power of Attorney
Failing to authorize someone to act as your enduring power of attorney, or attorney in fact, becomes a hassle. If you become incapacitated, your loved ones must go to court to gain status. Meanwhile, a court appoints a welfare guardian or property manager to handle decisions until the court matter is decided. Do you really want a stranger holding control of your real estate and bank accounts?
Court appointed enduring power of attorney agents are paid by the hour. Your finances will be affected because their salary will come from your estate. According to experts, the average court appointed attorney in fact makes $131 to $174 (USD) an hour ( in 2009).