The power in Power of Attorney
October 4th, 2007 categories: Buying San Diego Real Estate, San Diego Real Estate, San Diego Real Estate Legal, Selling San Diego Real Estate
If you were suddenly disabled or worse, a simple legal document, a Power of Attorney, could keep your financial life from ending in chaos. There are several differing types for specific purposes, and a general type for more broad powers.
Though it is advised to consult with your family attorney or other trusted legal adviser first, the idea of having an updated power-of-attorney along with your other important financial papers is an essential part of responsible living today.
Each of the states has its own laws about how to execute a power of attorney and there are scores of variations, but the three basic types of Power of Attorney are:
Limited/specific Power-of-Attorney – non-durable.
This is used for a specific transactions such as selling or buying real estate banking or the sale of stocks.
General Power-of-Attorney-durable until death or revoked. This POA is used to cover any or all occurrences (except the decision pertaining to health) where you may be incapacitated and you want to give complete authority to your designee.
Springing Power-of-Attorney €“ durable until death or revoked. This POA is generally granted to a physician while you are aware of your decision-making processes in the event of a change in your physical or mental condition, which would render you incapacitated.
Creating a Power-of-Attorney does not limit any right you have for making decisions. It simply delegates another person that can also make decisions , should you not be able to. You might think of this as sharing your decision making process.
The attached link Power of Attorney will give go more details on some of the specific uses of the differing types of Power of Attorney authorizations.
This post is about making you aware and of reminding you of the importance of having a prepared Power of Attorney if the need should ever strike. I am a REALTOR not an attorney and I am not giving legal advice here, simply to try to create an awareness of our needs in our current lifestyles.
William, good information for the reader and of course a Trust, a Will and the necessary Health forms are vital, as well.
Good information for your readers.
Hi Gena, Thanks for your your reminder on the Trust ,Will and nessesary Health forms as well as the POA. Many Thanks.
Excellent advise. I just recently had a listing where a power of attorney would have made everything easier for all concerned.
Hi Marty, One of the greatest assets of this blogging platform is that we and our clients can learn to handle these important matters BEFORE we actually need them. Many Thanks for commenting
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