Sometimes, it might be necessary to give someone legal authority to handle certain financial matters on your behalf. This is known as power of attorney, and it can have many benefits. If you are considering signing a power of attorney form, contact our experienced Buffalo estate planning lawyers to get a better understanding of how this can be helpful.
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Signing a Power of Attorney | Legal Definition
Signing a power of attorney gives someone authority to handle your affairs, and a standard power of attorney includes specific lists of powers from which to choose. You could think of it as making it easier for people to help you. For instance, an individual with power of attorney over your bank account will be authorized to pay bills and write checks, but not to sell your house – unless you give them that power. Occasionally, spouses give powers of attorney to each other. You can always revoke power of attorney, unless you are mentally incompetent. In that case you can neither sign nor revoke power of attorney.
Signing a Power of Attorney | How to Choose Your Agent
Choosing a power of attorney agent is very similar to determining who will be your executor. Choose someone who takes care of business, handles bills, and manages your accounts. When choosing an executor, don’t necessarily pick the eldest son or the youngest son, but choose someone who has the time and ability to do the job. Someone who is very busy is probably the best person, based on the old adage, “If you need something done, give it to a busy person.” Distance is not an issue. If a person is good at what they do, they’ll figure it out.
If you have any questions about power of attorney, please contact our experienced Buffalo estate attorney today for a legal consultation.