Powers of Attorney
The Powers of Attorney are an important legal tool you can use to make financial, medical and other important decisions for yourself or a loved one if you become unable to do so. They are also useful if you want to give someone else the authority to handle your affairs. They are responsible for everything you own and you can appoint any person to be your power of attorney, including a friend or family prefessional. In this way, you are giving someone the responsibility for your assets, health and welfare.
Benefits of a Power of Attorney for Finances:
1. Gain access to your money and assets:
You can give your power of attorney the authority to take care of your financial matters. They will have access to all your accounts, savings and investments. They will be able to make payments, bank and invest the money as they see fit in line with your wishes, even if you were unable to do so yourself.
2. Take care of your assets if you become incapacitated:
If you can no longer take care of your assets yourself and are unable to make any decisions about them, this is when a power of attorney for finances will become useful. You can give another person the authority to handle all your finances on your behalf. You can also appoint a backup person in case the first one becomes unable to fulfil their duties due to some unforeseen circumstance or emergency.
3. Protect your assets against theft and embezzlement:
If you have a power of attorney, the ability to access your money will be limited. This is because a power of attorney can only make decisions and handle your finances under the conditions you set out in writing. It is important that a power of attorney includes the conditions for accessing and withdrawing your money.
4. Avoid the courts:
You are likely to go through lengthy and costly court proceedings if you want someone to gain access to your assets and make payments on your behalf if you become incapacitated. This is because the court will take over all your finances until they appoint a new power of attorney or trustee. With a power of attorney, all you need to do is sign one document and then choose who can handle your financial affairs, so there is no court involvement.
5. Provides peace of mind:
In most cases, the person that you choose to handle your financial affairs will be someone close to you or a prefessional You have chosen them because of their knowledge and experience with your finances. This is a great advantage because it means they are familiar with all the rules and regulations regarding the handling of your money and assets. Your power of attorney for finances will be able to make decisions about your money without having to wait for lengthy court processes.
6. Protect your heirs:
The only time you need a power of attorney is when you create one. You do not need to appoint anyone as your executor or trustee until you become unable to make decisions for yourself. This means that all your assets will still be protected and will not go into the hands of anyone else if it comes to an emergency while you are alive. The power of attorney only becomes necessary if you have named someone in your will as an heir.