ESTATE PLANNING ATTORNEY PLYMOUTH, MN
Power of Attorney
What is a ``Financial Power of Attorney``?
A “power of attorney” grants a designated individual authority to make decisions on your behalf – a “financial power of attorney” grants authority relating to managing your finances and assets. The authority is given by the “grantor”, to a person who becomes an “attorney-in-fact”. The authority granted to the attorney-in-fact can be broad or narrow, and can be immediate or future. A power of attorney lasts until it ends by its terms, is revoked, or the grantor dies.
Most people think that if you become incapacitated, your spouse or friend will be able to step in your shoes to make financial decisions on your behalf. This is false – at least, false if you do not have a power of attorney in place. If you exclusively hold property or assets, your friend or spouse will have no authority to make any decisions on your behalf without a long and expensive court proceeding to establish a Conservatorship. Setting up a power of attorney can avoid this – and the delay and expense inherent in establishing a Conservatorship.
What is a ``Financial Power of Attorney``?
A “power of attorney” grants a designated individual authority to make decisions on your behalf – a “financial power of attorney” grants authority relating to managing your finances and assets. The authority is given by the “grantor”, to a person who becomes an “attorney-in-fact”. The authority granted to the attorney-in-fact can be broad or narrow, and can be immediate or future. A power of attorney lasts until it ends by its terms, is revoked, or the grantor dies.
Most people think that if you become incapacitated, your spouse or friend will be able to step in your shoes to make financial decisions on your behalf. This is false – at least, false if you do not have a power of attorney in place. If you exclusively hold property or assets, your friend or spouse will have no authority to make any decisions on your behalf without a long and expensive court proceeding to establish a Conservatorship. Setting up a power of attorney can avoid this – and the delay and expense inherent in establishing a Conservatorship.
The Purpose of a Financial Power of Attorney
A financial power of attorney authorizes someone to make financial decisions on your behalf. These decisions can include:
· Access to bank accounts and pay bills
· Authority to buy or sell stocks and securities
· Power to manage, buy, or sell real estate
· Authority to run a business
· Right to apply for government benefits on the grantor’s behalf
Our Approach
Having an effective power of attorney is about proper planning. Signature Law drafts legal documents that are easy to understand yet specific. This helps protect you and your assets. It is important to us that you and your attorney-in-fact know what authorities and responsibilities have been delegated by the document.
Our Approach
Having an effective power of attorney is about proper planning. Signature Law drafts legal documents that are easy to understand yet specific. This helps protect you and your assets. It is important to us that you and your attorney-in-fact know what authorities and responsibilities have been delegated by the document.
I sent copies of my previous will, Power of Attorney and my Health Care Directive to Greg that day. He had them rewritten in less than a week (I could not believe he finished them so quickly since he and his wife were waiting for their first child to be born!)… THANKS Greg! I would highly recommend Greg for your legal needs.
– Pete S.
Ready to Get Started?
If you have questions about or need a power of attorney, we can help. We offer a free consultation to answer your questions and identify your next steps.