There are certain times when you can’t personally handle your own affairs. Reasons may vary from being too busy with work or business, being too sick, or you’re just filthy rich. The thing is you don’t have to worry—with a simple document and a representative, you can handle your those issues indirectly.
The representative we are talking about will be your agent or attorney-in-fact. He is the individual you are entrusting power of attorney; hence, he is held responsible by the law to protect you, your money and assets. So, what are the necessary steps you need to do in giving your representative the power of attorney?
- Decide What Power Your Agent Should Have
The very first thing is to think of and decide what shall he do and when he is going to do it. You can make a financial power of attorney for your representative so he can handle personal business. If you want your agent to make decisions on your behalf during an emergency, then you can issue a health care POA. Duly note that the decisions they are going to make are the only ones which you laid out in the document. They cannot override or go beyond what you want since they are bound by the law through the POA.
- Drafting the Document
Drafting should be easy for you since you’re just laying out your wishes. Remember that you have to lay out clearly what you want and what you want your agent to do for you. Also, be sensitive in details like the duration of the power or time of its expiry. Have an attorney to review it for you before you signing the document.
To make your POA more durable, you must clearly state that any potential incapacitation does not nullify the document. Lastly, append your signature and have your agent sign it as well.
- Give Copies
Rules differ from one state to another, thus, you may be asked to file your POA in court. With this in mind, ask a local attorney or courthouse staff where you reside. Even if you don’t have to file the POA in court, ensure that the individuals involved within the document should have a copy. For instance, your physician should have the copy of your issued health care POA or your banking institution should have its own copy of your financial POA.
- Factors Nullifying the Power of Attorney
Bear in mind that your POA can be nullified due to some sensible reasons. For example, you had named your spouse your agent before but the two of you got divorced. Divorce nullifies your POA and it is also held true for legal separation. Your death automatically revokes your issued POA and you can also nullify your POA anytime you change your mind about it (just be sure that you are still of sound mind).