Do You have your Power of Attorney Yet?
Submitted by Jeffrey W Schmidt, Schmitz & Schmidt
Signing a Power of Attorney is critical to manage the possibility that you might become incapacitated. Horror stories are everywhere, but in most cases the Power of Attorney is not abused. In most cases, the Power of Attorney proves to be an invaluable tool when disability strikes.
A Power of Attorney is a private agreement signed by the “Principal” who shares financial authority to the “Attorney-in-Fact.” Often this is a trusted loved-one who always acts in the Principal’s best interests. The law not only requires the Attorney-in-Fact to act in the Principal’s best interests but gives the Principal power to revoke the Power of Attorney at any time. Without a Power of Attorney, a Court names a Conservator through an expensive, time consuming and public process.
Using a qualified professional to establish the Power of Attorney is highly recommended to be sure that you understand the agreement and make the careful choices necessary to create a safe and useful legal tool.