Creating Your Own Legal Power of Attorney - POA Forms
It's important to protect your finances, business and real estate holdings with a legal power of attorney. Should you become incapacitated due to mental or physical illness or simply plan to leave the country for an extended period of time, you need someone to pay your bills, sell or buy stocks and other important issues. A legal power of attorney form ensures the person of your choice handles these matters-not a court appointed one!
Should something happen to you and you failed to fill out legal power of attorney forms, a judge decides who gets control of your bank accounts and property. The person the judge selects may not be someone you would have ever chosen. Only a power of attorney provides peace of mind that your holdings are dealt with as you would wish.
Duties of a Legal Power of Attorney
Power of attorneys handle many matters ranging from paying your bills to taking out loans in your name to help keep your home or business from bankruptcy. Some power of attorneys oversee your living will to ensure your medical treatments are exactly what you would want. For example, if you were in a coma and could not speak for yourself, a legal power of attorney handling your living will directive could make sure you are not hooked up to life support against your wishes.
Duties legal power of attorneys can handle while you are incapacitated:
· Selling or renting real estate
· Selling or buying stocks
· Paying your creditors
· Handling your financial transactions, including loans
· Managing your retirement accounts
In general, the duties a power of attorney agent handles are ones you have specifically requested. Always make sure your power of attorney form includes all terms and conditions you desire.
Legal Power of Attorney Forms
When creating a legal power of attorney, make sure you include necessary information. The form must always start with a paragraph listing your name and address, the person you designate as your power of attorney agent. Following this information, you will list your terms and conditions. The entire paper is then signed, witnessed and notarized.
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