The Power of Attorney

When you are feeling uncertain about the future, or about a written agreement or power of attorney document you may want to consider it as a very important decision. The document is called a power of attorney and is designed as a power given to a agent (not the principal) to perform a certain task for a specific person. Here are a variety of situations that may warrant a power of attorney:

Estate planning - One's estate planning is a daunting task and can take a lot of time and effort to complete. Even if you have a comprehensive plan in place to make sure your loved ones are well taken cared of once you are gone they will have to handle everything that is within the plan on their own due to limitations of time. Of course there are many more restrictions and situations that make an estate planning power of attorney valuable as well. But for those situations would you trust that your agents would not make a mistake once they took the document signed by you?

Investment - You might trust your agents to make an intelligent investment on your behalf with the intention of getting a high return. But what if they are investing your money into the stock market when the market is overbought or into a high risk loan when the interest rates are too high for what you need? You may not be unaware of the situation until it is too late. This can be difficult to figure out and unfortunately may happen in less than two hours.

Power of Attorney - You may trust your agent to handle your financial affairs for you but what if they turn around and spend your money on gambling? Or buy a boat or car he cannot afford. You might want some planning or power of attorney to report their activities and pay them for their services.

Business Relationship - You might trust your power of attorney for business or partnership transactions you may engage in. But if they have a conflict of interest in your businesses it could affect everything in your partnership, and ultimately yourdeath. Make sure you are aware of who has a conflict of interest in your business and their ability to make decisions on your behalf.

Making big purchases - You may want to borrow money from a family member or friend. But if you die before your debts are paid off it can be a touchy situation with your relatives and friends being paid back in full or only very partially. Your power of attorney should protect your family and lifelong friends from any financial obligation you might not be able to repay and you not being able to talk to everyone about how this has directly affected you.

Legal or medical procedures - If you or a family member falls into aeverything is newembracing--the after they are run in a death certificate--you may not always be able to have their information removed if it goes against your wishes. A properly executed power of attorney may advise your agents to refuse any competing orders or medical directives.

Creditor orunguaries- Your power of attorney should also protect anyone in business with you or as an enemy to the family. This would include anyone who you are close to and who may be in a position to contest any legal proceedings against you or any of your family.

You have clearly laid out your wishes in a power of attorney so it is very important that you follow through with signing the document as directed so that your wishes will not be violated. You also want to make sure you have brought along your power of attorney and the contracts you have signed it with your agent to make certain these documents are executed in their proper place.