Through the years, there has been much confusion and misinformation surrounding power of attorney and what it entails. It’s important to get the facts on this option before deciding whether it could be right for you.
At the core, a power of attorney is a signed and legally-binding document that grants another person the ‘power’ to make decisions for another. That stated, the authority granted to the individual is limited to your express written wishes. Read on to discover more details about power of attorney and how it could be a viable addition to your estate planning documentation.
Understand the Basics
Power of attorney is well-established and is accepted and trusted by a variety of financial institutions, private businesses, and legal entities. People appreciate this document for it’s straight-forward nature and easily-understandable terms.
When you sign a power of attorney, the person or people you’ve assigned as agents are now able to take action on your behalf. It’s important to realize that you can revoke this privilege at any time that you’re legally entitled to do so.
Still, some financial institutions won’t acknowledge the power of attorney that isn’t recent. That could be anywhere from six months to 60 days. Other outlets require you to fill out their own forms before accepting validity. To avoid confusion, frustration, and delay, it’s wise to consult with a qualified estate planning attorney in Daytona Beach who can provide valuable assistance through this process.
Know the Myths
As mentioned, over the years there has been much misinformation and outright lies about power of attorney.
For example, some people believe that technology has advanced to such a level that all legal documents can be created online, even without any knowledge or expertise. In fact, teaming with a trusted and reputable Daytona Beach wills lawyer helps ensure your final wishes are carried out to your exact specifications.
Others think that age or lack of assets are barriers to creating a power of attorney. The reality is that no one can know when a catastrophic event might occur. Legal documentation (such as power of attorney) makes clear the persons you trust will be able to make decisions on your behalf.
Another myth that’s been accepted as fact is that when you grant power of attorney to someone, they have carte blanche to do whatever they feel like with your assets and estate. Nothing could be further from the truth. In actuality, the person you choose (your agent) is legally-bound to follow your detailed instructions. Avoid falling for rumors by consulting with a reliable wills attorney in Daytona Beach who can help you establish a comprehensive estate plan to protect you and your family.
Secure Dependable Representation
As hearsay and false stories about power of attorney continue to flourish, it’s more important than ever to work with a responsible professional who can provide accurate and timely information and answers to all your estate planning questions and concerns.
For more than 40 years, we’ve assisted people just like you with a variety of legal needs. In addition to estate planning, we specialize in guardianship issues and real estate law. We’re also known as a resource for probate in Holly Hill and throughout the region. Contact us today to get started on a power of attorney of your own.