Five Reasons to Choose a Power of Attorney for Property
Regardless of your reason for needing a power of attorney, property and assets are best protected if you choose wisely. When picking a power of attorney for your property, it's best to do a background check of the person you choose to make sure they are financially savvy and capable of handling making important decisions in your stead.
Going out of Town
If you are taking a long vacation or business trip, you'll need someone to handle matters for you in your absence. This may include bill paying, watching 401k funds, paying employee salaries or finalizing a home sale.
If you leave town for a month and are in the process of selling your home, you would need a power of attorney for property to act as your agent for the closing. The same is true if you were selling a car and an interested buyer appeared during your absence.
If you required a long hospital stay for a mental or physical condition or during drug or alcohol rehab, you'd also need a power of attorney property agent to handle your financial, business or legal transactions. This prevents you from falling behind on bills or allowing your company to go downhill during your absence.
Elderly men and women are likely to deal with dementia or Alzheimer's disease. These conditions make it impossible to handle financial matters like bill paying, retirement fund distributions and taxes. With a power of attorney for property, elderly men and women needn't worry about making sure their finances are under control.
If you had a major health emergency, would your finances remain solvent? Would your bills be paid on time? With a durable power of attorney, you can make sure that your major decisions would be made following your directives. If you were in the hospital and unable to take care of bills, insurance matters and tuition payments, your power of attorney for property would act in your place.
Many spouses feel that if their significant other was injured and hospitalized, they'd be fine to handle financial matters and home sales. The truth is that without a power of attorney, the courts might decide important matters like selling off property to pay medical bills. Without your name on the form, any home sale is illegal unless you've appointed a power of attorney. Property sales couldn't take place without court intervention. It's important to make sure you have a power of attorney on file for these unforeseen events.